In an email on Sunday, the special committee to the WeWork board said that it's attempting to ensure that SoftBank complete its tender offer as promised.
SoftBank still plans to extend $5 billion in debt to WeWork, people familiar with matter told CNBC last week. The special committee wants to ensure that employee shares get purchased as well.
"SoftBank has made numerous assurances to employees, and reneging on the agreement would be completely unethical, especially given the current environment," the statement said. "The Special Committee continues to believe that completing the tender offer is fair and in the best interest of the Company, its stockholders and all WeWork shareholders, including our employees and former employees.
It's an awkward situation considering that the agreement gave SoftBank 80% control over WeWork and designatedClaure is not on the special committee, which consists of early investor Bruce Dunlevie of Benchmark and Lew Frankfort, former CEO of handbag maker Coach."The Special Committee of the WeWork Board of Directors remains committed to taking all necessary actions to ensure that the tender offer which SoftBank has promised to our employees and shareholders is completed.
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