No more delays: SoftBank launching WeWork stock tender offer this week
Firm had previously delayed the move while attempting to revise the offer documents
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
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