CNN: WeWork sues SoftBank for bailing on $3 billion share buyout agreed to in October

[Maddox]

WeWork is suing SoftBank for abandoning a $3 billion share buyout and accusing the Japanese company of inventing reasons to back out of the plan, as financial pressure mounts and the Covid-19 pandemic worsens.
The tender offer was part of a rescue package agreed to late last year, when WeWork's botched IPO left it teetering on the edge of insolvency — until SoftBank stepped in with the bailout, worth roughly $10 billion at the time.
In a lawsuit filed in the Delaware Court of Chancery on Tuesday, the special committee of WeWork's board said SoftBank (SFTBF) and CEO Masayoshi Son are now suffering from "buyer's remorse."

WeWork sues SoftBank for bailing on $3 billion share buyout agreed to in October

WeWork is suing SoftBank for abandoning a $3 billion share buyout, accusing the Japanese company of inventing reasons to back out of the plan, as financial losses mount and the Covid-19 pandemic worsens.

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