NEW YORK: A special committee of WeWork board members filed a motion in Delaware on Monday to prevent it from being disbanded, as it pursues legal action against majority owner SoftBank Group Corp over an abandoned $3 billion tender offer for the office space-sharing start-up. It is the latest salvo in a heated legal dispute between the two sides. WeWork’s special committee, which represents minority shareholders in the company including its co-founder Adam Neumann, is contesting SoftBank’s decision to walk away from the tender offer agreed last year. In the motion, WeWork’s special committee, filed a “status quo order” which would preserve the committee’s authority pending the outcome of the legal case between WeWork and SoftBank. A judge in Delaware court last month set the trial date for the case for early January. According to the special committee’s motion, the board of the We Company, WeWork’s parent, held a meeting on April 29 at which the company’s counsel recommended the appointment of two temporary board members who would form a new committee to adjudicate the existing special committee’s authority. The WeWork board voted six to two to approve retaining a search firm to identify independent directors, according to the filing…. Read full this story
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