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How SoftBank made WeWork an offer it had to accept


Added 10-25-19 07:03:02am EST - “Just a few months ago, WeWork's co-founder Adam Neumann was being courted b...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “How SoftBank made WeWork an offer it had to accept”. Below is an excerpt from the article.

NEW YORK (Reuters) - Just a few months ago, WeWork’s co-founder Adam Neumann was being courted by Wall Street’s top investment bankers in anticipation of one of this year’s most high-profile initial public offerings.

“Do you still believe in the company?” Neumann, who had stepped down as CEO but was still WeWork’s chairman, asked a room of JPMorgan Chase & Co (JPN.N) bankers on the 42nd floor of their midtown Manhattan headquarters on Oct. 6, the sources said.

The JPMorgan bankers, led by private bank CEO Mary Erdoes and debt capital markets head Jim Casey, told Neumann and other WeWork directors they would back the company, and were confident they could raise the money. But they would not underwrite the deal on the spot, as one board member requested.

With questions swirling around WeWork’s chances of survival in the wake of its failed IPO, the bankers told Neumann they needed some time to sound out investors first, according to the sources.

A few days later, an alternative rescue plan began to emerge from WeWork’s largest shareholder, Japan’s SoftBank Group Corp (9984.T).

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