1. WeWork v. SoftBank: A $3 Billion Battle Involving Two Ailing Companies that were on Top of the World Just 9 Months Ago

    Yahoo! Finance BoardBlogs
    WeWork v. SoftBank: A $3 Billion Battle Involving Two Ailing Companies that were on Top of the World Just 9 Months Ago

    Who could possibly blame SoftBank for walking away last month from its $3 billion tender offer for WeWork shares— part of a $9.5 billion bailout package it signed last October? SoftBank Group ( SFTBY ) is the Tokyo-based, publicly traded conglomerate founded by entrepreneur and investor Masayoshi Son in 1981. Son, who still runs the company, made his name and fortune with early bets on Yahoo in 1995; Chinese e-commerce behemoth Alibaba Group ( BABA ) in 1999; and Japanese telecom companies...

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    1. SoftBank's wrongful action constitutes both a breach of contract and a breach of fiduciary duty to WeWork's minority stockholders, including hundreds of its current and former employees.
    2. If I had to bet, I'd bet the case settles with a different tender offer—one a little to SoftBank's advantage.
    3. Quite candidly, in light of the pandemic, I can't think of a worse business model [than WeWork's].
    4. I didn't think it was a very convincing argument.

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