SoftBank is abandoning its $3 billion WeWork tender offer - Business Insider

WeWork Chairman Marcelo Claure has been trying to revive the company after its disastrous failed initial public offering.This story is available exclusively on Business Insider Prime.SoftBank is abandoning its plan to buy $3 billion worth of WeWork shares from other investors and employees, including some $970 million worth from company cofounder Adam Neumann, according to person with direct knowledge of the matter.

The share purchase effort and credit line were part of the WeWork rescue package SoftBank announced last fall; WeWork still has access to most of the financing SoftBank promised under that plan.The company will not go through with a planned purchase of $3 billion worth of shares from other investors and employees, including former CEO Adam Neumann, a source with knowledge of the matter told Business Insider. The decision also likely means that WeWork itself won't be able to tap into a $1.

The decision to abandon the offer could put SoftBank at odds with other investors, including those also represented on WeWork's board of directors. WeWork directors Bruce Dunlevie, who is a partner at venture capital firm Benchmark, Lew Frankfort, the CEO of Coach, have previously threatened to take legal action against SoftBank if it didn't follow through with its share purchase plan.

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Wow...is a Wework bankruptcy the next headline?

asymmetricinfo Community-adjusted EBITDA meets force majeure.

😂💀

asymmetricinfo So WeWork can basically be replaced with a Zoom meeting when push comes to shove

asymmetricinfo Corona afternoon news dump.

WeWork in deep shit

hblodget We work. RIP

hblodget this makes me so happy

Imagine i or any other random guy here in Internet has a great idea and .. is poor, so I can’t reach SB, but a limited IQ person has someone that can. Deal! Here is the outcome, gentlemen.

GEanalyst Time for INTROSPECTION unmistakably!

SAI Greenbackd further to our exchange 👋🏼💰👆🏽

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