WeWork's board has accepted a takeover plan proposed by SoftBank Group, han...
- WeWork’s board has accepted a takeover plan proposed by SoftBank Group, handing control of the office-sharing startup to the Japanese firm, according to a source directly familiar with the matter.
WeWork owner The We Company’s board was evaluating SoftBank’s offer against an alternative financing proposal from JPMorgan Chase & Co , but decided to go with SoftBank, even though the bank put together a $5-billion debt financing package. Reuters reported on Monday that SoftBank had offered a package worth nearly $10 billion to WeWork and its shareholders under a plan that would keep the company afloat and lead to the exit of its Chairman Neumann.
That commitment was made in January at a $47 billion valuation, but SoftBank’s latest rescue package is at a valuation of about $8 billion, according to the source.
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