JAKARTA. WeWork, a company engaged in the co-working space business suffered a major blow because SoftBank canceled its tender offer plan with a value of US $ 3 billion.
The cancellation of the tender offer is caused by several reasons. Starting from the failure of WeWork in restructuring its joint venture in China, as well as the impact of the coronavirus (COVID-19) pandemic in various countries.
Meanwhile, a member of the special committee of WeWork's board, said he was disappointed with the cancellation. He is considering a legal option to address SoftBank's decision.
With the cancellation of the tender offer, SoftBank no longer has the obligation to provide a loan of US$ 1.1 billion for WeWork. (KR/AR)