(Reuters) – A WeWork board committee that negotiated a $3 billion tender offer with SoftBank Group sued the Japanese conglomerate on Tuesday for abandoning the deal, accusing it of succumbing to “buyer’s remorse” amid the novel coronavirus outbreak.
FILE PHOTO: A WeWork logo is seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch
The tender offer was part of a $9.6 billion rescue financing package that SoftBank agreed with WeWork last October that gave it control of the company. Since then, the office space-sharing start-up’s occupancy rates have plummeted, as customers in big cities stay at home to prevent the spread of the virus.
SoftBank said last week it would not press ahead with the tender offer because several pre-conditions had not been met, frustrating WeWork’s minority shareholders, who were expecting a payout. They included co-founder and former Chief Executive Adam Neumann, venture capital firm Benchmark Capital…
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