Shared-office sector: SoftBank to withdraw from $3bn WeWork deal
*This is a machine-translated text of the original article.
On October 2 2019, SoftBank Group Corp announced that it discontinued up to 3 billion US dollars of open purchases for WeWork stocks targeted at non-company owners because some of the requirements were not met, in accordance with the provision set forth in Master Transaction Agreement (MTA) that concluded with The We Company (WeWork).
The withdrawal will not affect the majority of WeWork’s operations, customers, business and strategic 5-year plans and WeWork’s current employees.
Over the last 6 months, WeWork has made significant progress and will continue to implement its strategies to deliver its core “Space-as-a-service,” expand its membership services, expand its customer base, and transform itself into an end-to-end business solutions platform.
“The completion of the Tender Offer required the fulfillment of certain terms agreed to by the parties in October last year to protect us, but we were forced to abandon the Tender Offer because several of these terms were not met,” said Robert Townsend, the company’s senior executive vice president and CLO.
Original Text: https://ampmedia.jp/2020/04/02/softbank-wework/