Softbank Wework Agreement

SoftBank initially expected to record a non-operating loss for the year ending March 2020 if the tender offer was completed, which represents the difference between the cost and fair value of the shares; However, the loss is not recognised due to the end of the takeover bid. SoftBank, the Japanese conglomerate, is threatening to withdraw an offer to acquire a much larger stake in WeWork, according to a person familiar with the matter. The surprising step comes, because the appearance of the coronavirus reduces the demand for the joint offices of the struggling company. The omission of the winding of the Chinese joint venture until the 1st Several of these conditions were not met, so SoftBank had no choice but to terminate the takeover. » failure to obtain the necessary antitrust authorizations by April 1, 2020; The complaint was filed in Delaware Chancery Court. WeWork is more formally known as The We Company. In a letter sent Tuesday to WeWork shareholders, SoftBank offered several reasons why the deal could not be reached before the April 1 closing date, according to the person familiar with the matter. Among the reasons given by SoftBank were the investigations into WeWork by the Department of Justice, the Securities and Exchange Commission, and the attorneys general of New York and California. . . .