No more delays: SoftBank launching WeWork stock tender offer this week

Firm had previously delayed the move while attempting to revise the offer documents

National /
Nov.November 25, 2019 09:54 AM
Former WeWork CEO Adam Neumann and Softbank CEO Masayoshi Son (Credit: Getty Images)

Former WeWork CEO Adam Neumann and Softbank CEO Masayoshi Son (Credit: Getty Images)

For WeWork’s investors, better late than never.

SoftBank’s $3 billion tender offer to WeWork is set to launch this week, following weeks of delays, according to Reuters. Masayoshi Son’s firm was expected to launch its offer earlier in November but delayed the move while it tried to make technical revisions to the offer documents.

The $3 billion offer for WeWork shares includes up to $970 million for those owned by co-founder Adam Neumann. Last week, Bloomberg reported that SoftBank was considering reducing the size of the package, which had drawn ire from WeWork employees because of the huge payout to Neumann. But that was a move that could have resulted in litigation.

The deal will now move forward at the previously announced price of $19.19 per share. The offer is a crucial part of the $9.5 billion rescue package that WeWork and SoftBank agreed to in October, which gives it control of roughly 80 percent of the company and staved off a potential bankruptcy. [Reuters] — Eddie Small 


Related Articles

arrow_forward_ios
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
WeWork CEO Adam Neumann (Credit: Getty Images and iStock)
WeWork’s side businesses are fizzling
WeWork’s side businesses are fizzling
Sarah Pontius (Credit: Union College)
Another head rolls at WeWork
Another head rolls at WeWork
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
1440 Broadway and CIM Group’s Shaul Kuba (Photos via CBRE and Getty)
Here’s what tenants pay at CIM & QSuper’s 1440 Broadway
Here’s what tenants pay at CIM & QSuper’s 1440 Broadway
WeWork CEO Sandeep Mathrani, Adam Neumann and SoftBank CEO Masayoshi Son (Getty/Illustration by Kevin Rebong)
WeWork and SoftBank settle lawsuit
WeWork and SoftBank settle lawsuit
Softbank CEO Masayoshi Son and Adam Neumann (Getty/Illustration by Kevin Rebong for The Real Deal)
Adam Neumann, SoftBank near settlement agreement
Adam Neumann, SoftBank near settlement agreement
WeWork CEO Sandeep Mathrani (Wikipedia Commons, iStock/Illustration by Kevin Rebong for The Real Deal)
WeWork slashes rents in some cities
WeWork slashes rents in some cities
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...