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25.11.2019

SoftBank confirms WeWork stock tender offer

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The tender offer was expected to launch earlier this month but was postponed

Stocks impacted: SoftBank Group Corp (9984)

The giant Japanese technology investment company confirmed its intention to launch a previously agreed tender offer for $3 billion of WeWork shares. Last week, there were reports that SoftBank was considering to reduce the size of an offer as part of its rescue package. The tender offer, which was expected to launch earlier this month, was postponed after SoftBank sought technical revisions to the offer documents. Last week, the company said it is laying off around 2,400 employees globally as it seeks to cut costs and stabilize its business. As a reminder, in October, the WeWork parent company We Co. secured a $9.5 billion rescue package from SoftBank, an agreement that would hand about 80% of the company to the Japanese company. SoftBank stocks are trading 2.25% higher on Monday.

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