NEW YORK: SoftBank Group Corp offered close to US$10 billion to WeWork owner The We Company, its employees and its investors on Monday under a plan to keep the struggling U.S. office-space sharing start-up afloat that would lead to the exit of its co-founder and Chairman Adam Neumann, people familiar with the matter said.
This commitment was made in January at a US$47 billion valuation, but SoftBank is now seeking to renegotiate it at a valuation of about US$8 billion, the sources added. The We Company’s seven-member board tasked two directors with representing the interests of all investors in the company by sitting on the special committee considering the financing plans, Reuters reported earlier this week.
Facing a cash crunch, WeWork is seeking to slow down its expansion, reducing the number of new property leases it is taking on. During the attempts to woo IPO investors last month, Neumann was criticised by corporate governance experts for arrangements that went beyond the typical practice of having majority voting control through special categories of shares.
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