JP Morgan is at risk of losing big on its WeWork bet, a major potential blow to Jamie Dimon
J.P. Morgan has raised the money but won't overvalue the company by putting in more equity, according to a person familiar with the matter. The bank also refused to add in a tender offer to its bailout package that would give co-founder and ex-CEO Adam Neumann a path to sell more shares, said the person, who asked not to be named because the plan is confidential.
earlier Monday that WeWork is planning on rejecting J.P. Morgan's financing plan in favor of SoftBank's, which combines debt and equity. SoftBank is planning on investing between $1 billion and $3 billion in a tender offer, in addition to accelerating a $1.5 billion equity infusion and $5 billion in debt financing, with other syndicates, people familiar with the matter said.
WeWork's board is likely to meet on Tuesday to finalize details about selling control of the company to SoftBank, said the people, who requested anonymity because the discussions are private.
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