TOKYO – Japanese technology company SoftBank Group Corp. called off its offering of up to $3 billion worth of shares in office-space rental venture WeWork, though it remains committed to its $5 billion bailout of the financially troubled company.
The main loser in the offer's failure is WeWork founder Adam Neumann, who quit the company last year, but owns about half the shares that were up for offer, according to SoftBank.
The company said Thursday that the option not to close the offer was part of the initial deal if certain conditions were not met by an April 1 deadline.
Such conditions include the release of financial and operational information from U.S. criminal and civil investigations related to Neumann, according to SoftBank.