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Softbank Considers Withdrawing its Offer to Buy Shares in the Coworking Giant WeWork

The Japanese investor Softbank has sent a letter to the shareholders of the firm explaining that it may withdraw from the €3 billion (USD 2.7 billion) share repurchase agreement with WeWork, due to US court investigations.

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The survival of the company is in danger

The Japanese investor Softbank has sent a letter to the shareholders of the firm explaining that it may withdraw from the €3 billion (USD 2.7 billion) share repurchase agreement with the coworking centre company WeWork, due to investigations being carried out by the US Justice Department’s Securities and Exchange Commission.

The share repurchase program was included in a package of measures that were going to allow Neumann, the founder of the company, who resigned from the management team in September, to sell USD 970 million of his share portfolio to SoftBank. Under that plan, SoftBank would obtain 80% of WeWork after the program ended, by the deadline of 1 April, reported Business Insider.

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