SoftBank reviews $3bn tender offer for WeWork shares

Tech conglomerate moves to cut exposure as stock slides to more than 3-year low

20200318 Softbank Wework

SoftBank's Masayoshi Son appears to be scrambling to trim his conglomerate's exposure to the global stock market turmoil. (Photo by Yuki Kohara)

YUMIKO OSHIMA and WATARU SUZUKI, Nikkei staff writers

NEW YORK/TOKYO -- SoftBank Group is reviewing its plan to buy $3 billion worth of shares from existing shareholders of U.S. office sharing company WeWork, signaling the Japanese conglomerate's intention to cut back on its exposure amid a global stock market sell-off.

SoftBank told shareholders on Tuesday it was possible that the tender offer may not go ahead if the conditions for the offer were not met, according to a person familiar with the matter.

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