Friday, 19 April 2024
SoftBank Group offered nearly $10 billion on Monday to WeWork and its shareholders under a takeover plan that would keep the U.S. office-space sharing start-up afloat and lead to the exit of its Chairman Adam Neumann, sources said.
WeWork could run out of cash as early as next month without new financing, sources have said, after the company pulled plans in September for an initial public offering (IPO).
It abandoned the IPO when investors questioned its large losses, the sustainability of its business model and the way WeWork was being run by co-founder Neumann, who gave up his CEO title last month and now serves as board chairman.
WeWork owner The We Company’s board will meet on Tuesday to evaluate SoftBank’s offer against an alternative financing proposal from JPMorgan Chase & Co, the people, who were familiar with the matter, said.
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