Independent WeWork directors claim they are considering any and all options after reports that SoftBank could walk away from its $3 billion tender offer as part of its bailout package for the coworking company.
“The Special Committee of the WeWork Board of Directors remains committed to taking all necessary actions to ensure that the tender offer which SoftBank has promised to our employees and shareholders is completed,” said a spokeswoman for Benchmark Capital’s Bruce Dunlevie and another independent director, Lew Frankfort.
Reports indicated that SoftBank told WeWork shareholders it could withdraw its deal to buy $3 billion worth of stock, citing inquiries into the shared office provider from attorneys and the Securities and Exchange Commission.
The Japanese conglomerate stated it would honor its obligations under the agreement, having provided over $5 billion to WeWork since October, but that it has not yet fulfilled all of the conditions.
A SoftBank spokesperson said that former CEO Adam Neumann, who was expected to sell up to $970 million in stock, and large investors would be the main beneficiaries of this deal. “Current WeWork employees have already benefited greatly from the re-pricing of their options in an earlier phase of the tender offer and would receive less than 10 percent of the proceeds,” said the SoftBank spokesperson.