⁍ A WeWork board committee that negotiated the tender offer sued SoftBank in April over that decision.
⁍ It accused the Japanese company of ‘buyer’s remorse’ amid the coronavirus outbreak.
⁍ The transcript includes an undated text exchange between Son and Marcelo Claure, who he installed as WeWork’s executive chairman last October.
– SoftBank Group CEO Masayoshi Son didn’t mince words when it came to delaying a $3 billion payout to shareholders of WeWork, Reuters reports. “It’s great to postpone the close of tender,” Son texted WeWork Executive Chairman Marcelo Claure last October. “Use whatever excuse to make senses.” Claure replied: “Ok. Will use antitrust. I am turning good at excuses like someone I know very well :)” The text was included in a court filing this week in a lawsuit brought by WeWork founder Adam Neumann and We Holdings, the company’s largest shareholder. The suit accuses SoftBank, which acquired a controlling stake in WeWork as part of a $10 billion rescue package in October, of “buyer’s remorse” over the company’s botched IPO last year. WeWork shareholders had been hoping for a payout after SoftBank canceled a tender offer to repurchase stock from existing shareholders, including Neumann and employees.
Source: https://www.reuters.com/article/softbank-group-wework-litigation/softbank-attempted-to-delay-weworks-3-bln-share-purchase-court-filing-idUSL4N2HJ46G