Thursday, April 2nd, 2020
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SoftBank is not going to move forward with a planned $3 billion purchase of WeWork stock, citing closing conditions that have not been met as the reason.
“Given our fiduciary duty to our shareholders, it would be irresponsible of SoftBank to ignore the fact that the conditions were not satisfied and to nevertheless consummate the tender offer,” said Rob Townsend, SVP and Chief Legal Officer of SoftBank, in prepared remarks.
The unfulfilled closing conditions include, according to SoftBank:
- The failure to obtain the necessary antitrust approvals by April 1, 2020;
- The failure to sign and close the roll up of the China joint venture by April 1, 2020;
- The failure to close the roll up of the Asia joint venture by April 1, 2020;
- The existence of multiple, new, and significant pending criminal and civil investigations that have begun since the agreement was signed in October 2019,
Singer/pianist Michael Feinstein has had a tough time selling his mansion in SoCal. It’s back on the market for $10 million—62% off its original list price.
Photo: Amanda Edwards/Getty Images; Realtor.com
The singer and pianist Michael Feinstein has had a devil of a time trying to sell his grand mansion in Southern California.
The golden-voiced singer of American standards initially listed his Tudor Revival-style mansion in the Los Feliz neighborhood in April 2018 for $26 million. As the months flew by, the classic residence popped on and off the market, with a number of price cuts.
Two weeks ago, it reappeared on the market for $9,995,000—a staggering 62% off its original list price.