SoftBank Terminates WeWork Tender Offer - Quick Facts

(RTTNews) - SoftBank Group Corp. (SFTBY.PK, SFTBF.PK) said its tender offer for up to $3 billion worth of shares of WeWork held by other stockholders has ended because certain conditions were not satisfied.

Rob Townsend, Chief Legal Officer of SoftBank, said: "The tender offer was an offer to buy shares directly from other major stockholders and its termination has no impact on WeWork's operations or customers. The tender offer closing was conditioned on the satisfaction of certain closing conditions the parties agreed to in October of last year for SoftBank's protection. Several of those conditions were not met, leaving SoftBank no choice but to terminate the tender offer."

SoftBank previously expected to record non-operating loss for the fiscal year ended March 2020 in the case that the tender offer was completed. The company noted that the loss will not be recorded due to the end of the tender offer.
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