Commentary / Japan May 7, 2020
Being a sore loser doesn't make WeWork’s Neumann wrong
by Tim Culpan
There's little downside for the founder of the collapsed office rental company in taking on his former benefactor.
Business / Corporate Apr 18, 2020
WeWork directors lose bid to accelerate lawsuit on failed SoftBank deal
Two independent WeWork directors failed to fast-track their lawsuit over SoftBank Group Corp.’s decision to scrap a $3 billion stock purchase that was part of a rescue package the struggling office space provider secured last October. Delaware Chancery Judge Andre Bouchard said the WeWork board ...
Business / Corporate Apr 8, 2020
A WeWork board committee that negotiated a $3 billion (¥326.4 billion) tender offer with SoftBank Group sued the conglomerate Tuesday for abandoning the deal, accusing it of succumbing to "buyer's remorse" amid the novel coronavirus outbreak. The tender offer was part of a $9.6 billion ...
Business / Corporate Apr 6, 2020
Some WeWork staff planned their lives around a stock deal that just collapsed
by Ellen Huet
Teddy Kramer worked at WeWork from 2013 to 2015. When he left the company, he had been a director of new market development, helping the coworking startup open new offices in different regions. He’d put in the time and been granted shares in the ...
Business / Corporate Apr 2, 2020
SoftBank Group Corp. is scrapping an agreement to spend $3 billion (¥322 billion) to buy WeWork stock from former CEO Adam Neumann and other shareholders, despite threats of legal action from some members of the company’s board. SoftBank had agreed to buy the shares from ...
Business / Corporate Mar 30, 2020
WeWork’s imperiled $3 billion stock sale would mostly benefit five investors
by Sarah Mcbride and Gillian Tan
In a deal that’s currently at risk of falling apart, a handful of investors would be the main beneficiaries of SoftBank Group Corp.’s plan to buy $3 billion of WeWork stock, according to a person familiar with the matter. As part of the agreement, scheduled ...
Business / Corporate Mar 29, 2020
SoftBank’s big bet on sharing economy backfires with coronavirus
Masayoshi Son has been among the most fervent believers in the sharing economy, investing billions in startups that help people split the use of cars, rooms and offices. But as the coronavirus curtails unnecessary human interaction, it’s hammering such businesses and rattling the foundations of ...
Business / Corporate Mar 23, 2020
WeWork directors prepare to take on SoftBank if it abandons rescue deal
by Gillian Tan
Two independent WeWork directors are weighing all options, including legal action, after SoftBank Group Corp. advised the company's shareholders it may renege on part of its rescue package. "The Special Committee of the WeWork Board of Directors remains committed to taking all necessary actions to ...
Business / Corporate Feb 13, 2020
SoftBank chief welcomes activist investor Singer as Vision Fund logs loss
SoftBank Group Corp. founder Masayoshi Son opened the door to making at least some of the changes championed by activist investor Paul Singer, after the company reported a second quarter of losses from its startup investing. Son called Singer's Elliott Management Corp. an "important partner" ...
Business / Corporate Feb 12, 2020
SoftBank Group profit down 69%, but shares soar on T-Mobile-Sprint deal
SoftBank Group said its net profit plunged nearly 70 percent for the nine months to December as investments in share companies such as WeWork and Uber took a hit.