SoftBank to abandon $3 billion deal for additional WeWork shares

Technology

FILE PHOTO: The logo of SoftBank Group Corp is displayed at the SoftBank World 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato

(Reuters) – Japan’s SoftBank Group Corp (9984.T) will not complete a $3 billion tender offer for additional WeWork shares agreed last year with its shareholders, a special committee of the U.S.-based shared-office operator’s board said on Wednesday.

“The Special Committee of the Board of Directors of WeWork has been advised by SoftBank, the controlling shareholder of WeWork, that it will not consummate the tender offer which it agreed to in October of 2019,” it said in a statement, adding it was “disappointed” by the development. 

The U.S.-based company’s committee said it will evaluate all its legal options, including litigation and remained committed to reaching a solution.

A SoftBank spokeswoman declined to comment.

Reuters had reported last month that SoftBank was considering pulling out of the $3 billion bid to buy additional shares in WeWork, as it felt the U.S. firm had not met the conditions for the deal. The special committee of WeWork’s board later said it was preparing for a fight against the Japanese company.

Reporting by Kanishka Singh in Bengaluru, Editing by Sherry Jacob-Phillips

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