Breaking News

LIAN LI Launches 8.8” Universal Screen with Flexible Mounting Solution Viltrox Announces Two New Affordable, Pocketable Ultra-Wide Autofocus Prime Lenses Logitech G Drops a Wide Array of New Products and Innovations at Logitech G PLAY 2025 Panasonic Introduces New LUMIX TZ99 White in Europe MSI Launches FORGE GK600 TKL WIRELESS Special Edition Compact Mechanical Keyboard

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

LIAN LI Launches 8.8” Universal Screen with Flexible Mounting Solution
Enterprise & IT

LIAN LI Launches 8.8” Universal Screen with Flexible Mounting Solution

Viltrox Announces Two New Affordable, Pocketable Ultra-Wide Autofocus Prime Lenses
Cameras

Viltrox Announces Two New Affordable, Pocketable Ultra-Wide Autofocus Prime Lenses

Logitech G Drops a Wide Array of New Products and Innovations at Logitech G PLAY 2025
Enterprise & IT

Logitech G Drops a Wide Array of New Products and Innovations at Logitech G PLAY 2025

Panasonic Introduces New LUMIX TZ99 White in Europe
Cameras

Panasonic Introduces New LUMIX TZ99 White in Europe

MSI Launches FORGE GK600 TKL WIRELESS Special Edition Compact Mechanical Keyboard
PC components

MSI Launches FORGE GK600 TKL WIRELESS Special Edition Compact Mechanical Keyboard

Popular Reviews

be quiet! Dark Mount Keyboard

be quiet! Dark Mount Keyboard

Terramaster F8-SSD

Terramaster F8-SSD

be quiet! Light Mount Keyboard

be quiet! Light Mount Keyboard

be quiet! Light Base 600 LX

be quiet! Light Base 600 LX

Noctua NH-D15 G2

Noctua NH-D15 G2

Soundpeats Pop Clip

Soundpeats Pop Clip

be quiet! Pure Base 501

be quiet! Pure Base 501

Akaso 360 Action camera

Akaso 360 Action camera

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