UPDATE 2-WeWork directors defend right to represent shareholders against SoftBank [Reuters]
SOFTBANK GRP UNSP/ADR (SFTBY)
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Source: Reuters
WeWork directors defend right to represent shareholders against SoftBank (Reuters) - A special committee of WeWork board members on Monday rejected an assertion by SoftBank Group Corp ( 9984.T ) that it does not have authority to represent the interests of minority shareholders of the office-sharing startup. The back-and-forth presages what could become a long and messy legal dispute between SoftBank and the WeWork special committee, which is contesting SoftBank’s decision to back out of a $3 billion tender offer for WeWork shares agreed last year. Since the agreement was made last October, WeWork’s occupancy rates have plummeted, as customers in big cities stay at home to prevent the spread of the coronavirus. SoftBank this month said it would not press ahead with the tender offer because several pre-conditions had not been met, frustrating WeWork’s minority shareholders, who were expecting a payout. The investors included co-founder and former Chief Executive Officer Adam Neumann.
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