WeWork board’s special committee prepares for fight against Japan’s SoftBank

WeWork at Shoreditch, London. Photo by Uygar Kilic on Unsplash

The special committee of WeWork‘s board is preparing for a fight against Japan’s  SoftBank Group Corp saying that SoftBank should complete its tender offer promised to the office sharing company’s employees and shareholders.

“Not only is SoftBank obligated to consummate the tender offer as detailed by the Master Transaction Agreement, but its excuses for not trying to close are inappropriate and dishonest”, the committee said in a statement on Sunday.

In response, SoftBank said it maintains the ability to walk away from the tender offer if there is any material liability to WeWork, adding the offer has no impact on SoftBank’s commitment to WeWork or on the financial strength of the business.

SoftBank has informed stockholders that all of the agreed upon closing conditions must be satisfied before the tender offer can be completed,” a SoftBank spokeswoman said.

“As of now, they are not.”

Reuters reported on Tuesday that SoftBank was considering pulling out of the $3 billion bid to buy additional shares in WeWork, because it feels the office-space sharing firm has not met the conditions for the deal.

Reuters

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.