SoftBank Group Corp will this week launch a previously agreed tender of...
) will this week launch a previously agreed tender offer for as much as $3 billion of WeWork shares, including up to $970 million owned by the office sharing company’s cofounder Adam Neumann, two people familiar with the matter said.
It will go ahead based on the previously announced terms at $19.19 a WeWork share as soon as Monday, these people said. It lays the way for SoftBank to control about 80 percent of WeWork and is part of an agreement with Neumann that will see him give up voting control of the company and leave the board.
After being valued at $47 billion in January and planning an initial public offering , WeWork quickly became a company that was facing a cash crunch and fighting for survival. It shelved its plans for the IPO on Sept. 30 because investors were wary of its growing losses, its business model and its corporate governance. Neumann had resigned as CEO the previous week.
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