SoftBank Group Corp. Chairman and Chief Executive Officer Masayoshi Son speaks during a press conference on November 6, 2019 in Tokyo, Japan.
Tomohiro Ohsumi | Getty Images
SoftBank Group said it has terminated a $3 billion tender offer for additional WeWork shares agreed last year with shareholders, including ousted co-founder Adam Neumann, drawing threats of legal action from other board members.
SoftBank said in a statement it is pulling out of the offer agreed as part of last year’s bailout plan of the floundering shared-office operator.
The statement cites issues, which include a failure to recapitalize WeWork’s struggling joint venture in China, criminal and civil investigations into the startup and the impact of the coronavirus pandemic on the business.
A special committee of WeWork’s board said it was “disappointed” by the development and is considering “all of its legal options, including litigation.”