SoftBank Group on Nov. 25 launched a WeWork tender offer for as much as $3 billion in shares, according to Bloomberg. The offer is for stock owned by investors and employees, including up to $970 million for shares owned by the office-sharing firm’s co-founder Adam Neumann. The offer, at the previously announced terms of $19.19 per share, is open until April 1, Bloomberg reported.
The tender offer to the founders, investors and employees was delayed by a few weeks after SoftBank sought technical revisions to the offer documents, Reuters reported. WeWork said on Nov. 21 that it will lay off around 2,400 employees globally. The company, which claimed a $47 billion private-market valuation earlier in 2019, abandoned an initial public offering in September and was rescued by SoftBank in October at a valuation below $8 billion.
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