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SoftBank confirms abandoning its plan to buy $3 billion worth of WeWork shares, citing 'significant' criminal and civil investigations

SoftBank confirms abandoning its plan to buy $3 billion worth of WeWork shares, citing 'significant' criminal and civil investigations
Michael Kovac/Getty Images for WeWork



SoftBank confirmed on Thursday it will back away from a $3 billion tender offer to WeWork shareholders.




SoftBank said it would be "irresponsible" to continue with the deal, citing multiple, significant criminal and civil investigations into WeWork and its finances among other factors.




The deal would have profited ex-CEO Adam Neumann to the tune of almost $1 billion.




Visit Business Insider's homepage for more stories.



SoftBank has confirmed it won't go ahead with a $3 billion deal to buy WeWork shares, citing "multiple, new, and significant" civil and criminal investigations into the office-leasing firm, among other factors.
SoftBank said on Thursday it would be "irresponsible" to continue with the deal under the circumstances.
The decision nixes an offer to buy $3 billion worth of shares from other investors and employees, including nearly some $970 million worth from former CEO Adam Neumann, a source with knowledge of the matter earlier told Business Insider.
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