WeWork board sues SoftBank over withdrawal to buy $3 billion worth of shares

A special committee of WeWork’s board is suing SoftBank after SoftBank withdrew its $3 billion tender offer, the company announced Tuesday. WeWork is claiming that SoftBank breached its obligations under their agreement.

SoftBank originally made the tender offer to buy shares of WeWork at an agreed upon price last year as part of a package to bail out the company after its failed IPO. The money would’ve gone to current and former employee shareholders, outside shareholders, and ousted CEO and co-founder Adam Neumann. WeWork estimates about $450 million would’ve gone to current and former employees, according to a person familiar with the matter.