SoftBank Backs Away From Part of Wework Bailout Plan: DJ
(Bloomberg) -- Softbank has told WeWork it may not buy $3b of shares from existing investors that is part of its planned bailout of the co-working facilities provider, Dow Jones reports, citing people familiar with the matter.
- Notice sent to WeWork shareholders Tuesday says SoftBank believes regulatory probes into the startup’s business, including from the Securities and Exchange Commission and Justice Department, give it an out under the deal struck last fall to purchase $3 billion of WeWork shares from existing investors
- Representatives for SoftBank and WeWork didn’t immediately respond to Dow Joness requests for comment
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