Breaking News

Lexar Launches the NM990 PCIe 5.0 SSD DJI Agras T100, T70P and T25P Launches Globally Sony Introduces the RX1R III Razer Introduces Next-Generation Connectivity and Performance with New Thunderbolt 5 Dock and Core X V2 Transcend's New ESD420 Portable SSD Offers MagSafe Compatibility and Pro-Level Performance

logo

  • Share Us
    • Facebook
    • Twitter
  • Home
  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map

Search form

WeWork Sues SoftBank After $3-billion Tender Offer Collapses

WeWork Sues SoftBank After $3-billion Tender Offer Collapses

Enterprise & IT Apr 7,2020 0

WeWork’s owner, The We Company, has sued SoftBank Group, challenging its largest shareholder’s decision to terminate a $3 billion tender offer for shares in the office-space sharing firm.

An independent two-member special committee of The We Company’s board filed the lawsuit, saying that SoftBank had breached its contractual obligations by abandoning the tender offer.

“The Special Committee regrets the fact that SoftBank continues to put its own interests ahead of those of WeWork’s minority stockholders,” it said in the lawsuit filed in the Chancery Court of Delaware.

In the lawsuit, the special committee called SoftBank’s decision to terminate the tender offer “wrongful” and alleged that SoftBank had breached its obligations under the master transaction agreement (MTA).

“SoftBank’s failure to consummate the tender offer is a clear breach of its contractual obligations under the MTA as well as a breach of SoftBank’s fiduciary obligations to WeWork’s minority stockholders, including hundreds of current and former employees,” the special committee said.

Last week, SoftBank said it terminated the proposed tender offer for additional WeWork shares, citing criminal and civil probes into the startup, its failure to restructure a joint venture in China and the impact of the coronavirus pandemic.

WeWork has been hit particularly hard by the outbreak, as its occupancy rates have plunged over the past month and its largest clients have been forced to vacate.

Tags: WeWorksoftbank
Previous Post
China Becomes Top Filer of International Patents in 2019
Next Post
Xiaomi Developed a Mosquito Bite Relief Infrared Stick

Related Posts

  • SoftBank Reports $18 Billion Loss from Vision Fund

  • SoftBank Sees $7-billion Full-year Net Loss

  • SoftBank Cancels $3 billion WeWork Tender Offer

  • SoftBank Unveils $41 Billion Asset Sale Plan

  • Alphabet’s Loon and SoftBank’s HAPSMobile Complete Development of Communications Payload for HAWK30 Aircraf

  • SoftBank Reports $6.5 Billion Loss From Uber, WeWork

  • SoftBank Officially Takes Over WeWork

  • SoftBank Launches New $108 Billion "Vision Fund 2"

Latest News

Lexar Launches the NM990 PCIe 5.0 SSD
PC components

Lexar Launches the NM990 PCIe 5.0 SSD

DJI Agras T100, T70P and T25P Launches Globally
Drones

DJI Agras T100, T70P and T25P Launches Globally

Sony Introduces the RX1R III
Cameras

Sony Introduces the RX1R III

Razer Introduces Next-Generation Connectivity and Performance with New Thunderbolt 5 Dock and Core X V2
Gaming

Razer Introduces Next-Generation Connectivity and Performance with New Thunderbolt 5 Dock and Core X V2

Transcend's New ESD420 Portable SSD Offers MagSafe Compatibility and Pro-Level Performance
PC components

Transcend's New ESD420 Portable SSD Offers MagSafe Compatibility and Pro-Level Performance

Popular Reviews

be quiet! Light Loop 360mm

be quiet! Light Loop 360mm

be quiet! Dark Mount Keyboard

be quiet! Dark Mount Keyboard

be quiet! Light Mount Keyboard

be quiet! Light Mount Keyboard

Noctua NH-D15 G2

Noctua NH-D15 G2

Soundpeats Pop Clip

Soundpeats Pop Clip

be quiet! Light Base 600 LX

be quiet! Light Base 600 LX

Crucial T705 2TB NVME White

Crucial T705 2TB NVME White

be quiet! Pure Base 501

be quiet! Pure Base 501

Main menu

  • Home
  • News
  • Reviews
  • Essays
  • Forum
  • Legacy
  • About
    • Submit News

    • Contact Us
    • Privacy

    • Promotion
    • Advertise

    • RSS Feed
    • Site Map
  • About
  • Privacy
  • Contact Us
  • Promotional Opportunities @ CdrInfo.com
  • Advertise on out site
  • Submit your News to our site
  • RSS Feed