WeWork sues SoftBank for dropping $3b tender offer

WeWork sues SoftBank for dropping $3b tender offer

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

A WeWork board committee that negotiated a $3 billion tender offer with SoftBank Group sued the Japanese conglomerate on Tuesday for abandoning the deal, accusing it of succumbing to “buyer’s remorse” amid the novel coronavirus outbreak.

The tender offer was part of a $9.6 billion rescue financing package that SoftBank agreed with WeWork in October that gave it control of the company. Since then, the office space-sharing start-up’s occupancy rates have plummeted, as customers in big cities stay at home to prevent the spread of the virus.

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