SoftBank is pulling the plug on a $3 billion tender offer as a part of its rescue plan for embattled WeWork, sources informed Web page Six.
The Wall Road Journal reported final month that SoftBank, which controls half the WeWork board, indicated it may exit the April 1 deal, as a result of it claimed sure preconditions weren’t met — together with points involving regulatory probes. Unbiased members of WeWork’s board wished it to undergo.
Some stories mentioned the offer would enrich just some rich traders, together with disgraced co-founder Adam Neumann, who may unload practically $1 billion in inventory. However others mentioned some early workers who’d exercised choices would lose dough if the deal wasn’t made.