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As the Internet giant -WeWork is on the verge of collapse, it was only relying on SoftBank’s 3 Billion USD tender offer. However, with its withdrawal, the company lost its hope to secure the money for its survival. With this move, the company now feels being cheated and taken for a ride as it shelves away their plan to sustain in the market. WeWork is seen claiming that with this move, SoftBank has breached its obligation that they have showcased with their agreement. The financial institution seems to have made the tender offer for buying the shares of WeWork with the agreed cost last year being the part and parcel of the bail out of the company once they have issues like the failed IPO.

The money instead of reaching them to save them from their losses with their former employee shareholders along with the ones of the ousted CEO Adam Neumann who is also the co-founder of the same company. WeWork has estimated the cost of 450 million USD that has gone up to the former and current employees claims the source is close to this issue. SoftBank was seen offering the tender of shares to WeWork, which has an agreed upon cost that appeared last year like the part of the package to bail out for the company coming after the failed IPO. The company would have gone further with the current and former employee shareholders asking them to bar to invest in the internet giant company.

SoftBank was seen breaching the fiduciary duty to the minority shareholders of the WeWork by failing to follow via the offer. The SoftBank was then seen saying last week that it has decided to withdraw the amount from its own fiduciary duty to the shareholders. The finance company then declined to comment over the lawsuit. WeWork on the other side was seen taking up the downward spiral once it was seen filing its IPO prospectus the previous year that has disclosed the 900 million loss in the upcoming six months along with the questionable corporate governance practices. 

WeWork was later seen in a shaky position and was needing the SoftBank to furnish the offer or pay the compensatory damage as per the announcements. SoftBank was later seen received with most of the benefits that has come along with the broad control of WeWork with the additional economic benefits as stated by the special committee of WeWork board claimed the statement. SoftBank would be carrying out the wrongful conduct in failing to consummate the tender that offered the difference the company has achieved in the past as they were promised.  The internet giant on the other side claimed that SoftBank has gained maximum of its benefits and revenue generation from them and when they saw the company falling down, they started reserving their investment for the obvious reason. However, with failing to comply with their obligation, the committee has been set up at WeWork which has not sent out the legal notice to SoftBank.