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| WeWork 'accepts takeover by Softbank' | WeWork 'accepts takeover by Softbank' |
| (32 minutes later) | |
| Japanese investment giant Softbank is set to take control of WeWork after the office sharing firm's plans to raise money via stock markets collapsed. | Japanese investment giant Softbank is set to take control of WeWork after the office sharing firm's plans to raise money via stock markets collapsed. |
| WeWork's board has reportedly accepted an offer in which Softbank will buy billions worth of shares, including $1bn from co-founder Adam Neumann. | WeWork's board has reportedly accepted an offer in which Softbank will buy billions worth of shares, including $1bn from co-founder Adam Neumann. |
| The rescue deal provides much needed cash to WeWork. | The rescue deal provides much needed cash to WeWork. |
| However, the agreement values the firm at about $8bn (£6.1bn) - a fraction of previous valuations. | However, the agreement values the firm at about $8bn (£6.1bn) - a fraction of previous valuations. |
| Softbank, which already owned about a third of WeWork, had earlier valued the firm at nearly $50bn. | Softbank, which already owned about a third of WeWork, had earlier valued the firm at nearly $50bn. |
| Reports say that in exchange for his shares, a $185m consulting fee and a credit line, Mr Neumann agreed to back the rescue plan over a rival offer from JP Morgan. He is also expected to step down from WeWork's board. | Reports say that in exchange for his shares, a $185m consulting fee and a credit line, Mr Neumann agreed to back the rescue plan over a rival offer from JP Morgan. He is also expected to step down from WeWork's board. |
| The Wall Street Journal first reported terms of the deal. | The Wall Street Journal first reported terms of the deal. |
| Mr Neumann was forced out as chief executive last month after WeWork's share offering ran into trouble, as investors questioned his leadership and the firm's mounting losses. | Mr Neumann was forced out as chief executive last month after WeWork's share offering ran into trouble, as investors questioned his leadership and the firm's mounting losses. |
| The company, which rents out office space to small firms and freelancers, has grown from a single office in New York City to more than 500 locations around the world. But it lost about $900m in the first six months of this year. |