WeWork parent The We Co. said Tuesday it has filed a lawsuit against SoftBank Group Corp. /zigman2/quotes/207303954/delayed JP:9984 +8.20% /zigman2/quotes/207137761/delayed SFTBY +2.03% , alleging SoftBank breached obligations when it failed to complete the tender offer for $3 billion worth of WeWork shares. "SoftBank's failure to consummate the tender offer is a clear breach of its contractual obligations under the [Master Transaction Agreement] as well as a breach of SoftBank's fiduciary obligations to WeWork's minority stockholders, including hundreds of current and former employees," a special committee of We Co.'s board of directors said in a statement. On April 2, Softbank said it "ended" its $3 billion tender offer " because certain conditions to the tender offer were not satisfied ." Softbank said at that time that it would continue to help bail out the office-space rental company. WeWork said it's looking for Softbank to either complete the tender or pay "compensatory damages" for breach of contract and fiduciary duty. Softbank's U.S.-listed shares have lost 13.7% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.30% has declined 17.6%.
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