SoftBank group to abandon $3 billion deal for additional WeWork shares

The US-based company's committee said it will evaluate all its legal options, including litigation and remained committed to reaching a solution.

Japan's SoftBank Group Corp will not complete a $3 billion (2.42 billion pounds) tender offer for additional WeWork shares agreed last year with its shareholders, a special committee of the US-based shared-office operator's board said on Wednesday.

"The Special Committee of the Board of Directors of WeWork has been advised by SoftBank, the controlling shareholder of WeWork, that it will not consummate the tender offer which it agreed to in October of 2019," it said in a statement, adding it was "disappointed" by the development.

The US-based company's committee said it will evaluate all its legal options, including litigation and remained committed