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WeWork Is Suing SoftBank Over Breach Of Contract

WeWork is suing SoftBank over breach of contract and fiduciary duty after the Japanese conglomerate announced it would be walking away from its $3 billion tender offer to buy back WeWork shares.

In a press release, the Special Committee of WeWork’s board argued that SoftBank already received the benefits of the contract, including board control provisions, and is requesting that the company follows through with the transaction or pays to cover the damages.

As part of the contract, WeWork and SoftBank agreed to set a number of milestones that the coworking firm would have to meet in exchange for the tender offer. SoftBank revealed last week that WeWork had not met those requirements and it was in its rights to back away from the deal.

If the transaction had been completed, SoftBank would have owned nearly 80% of WeWork.

ABOUT Aayat Ali
Aayat Ali

Aayat is an editor for the Daily Digest based out of Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces. Feel free to reach out to her at [email protected] View all posts by Aayat Ali

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