WeWork rescue plan hits a snag as SoftBank backs out of $3 billion share buyout cnn.com

Hong Kong (CNN Business) SoftBank is walking away from a sizeable chunk of its WeWork rescue package, which included a near billion dollar windfall for ousted founder Adam Neumann.
The Japanese tech company has backed out of a plan to buy $3 billion worth of WeWork shares from existing shareholders and investors, according to statements from SoftBank and aspecial committee of WeWork's board.
"Several of those conditions were not met, leaving SoftBank no choice but to terminate the tender offer."
SoftBank SFTBY SOFTBANK Shares inrose 3% in Toyko following the news.
SoftBank's about face cuts deep for Neumann — the October agreement had included an offer to buy up to $975 million worth of the WeWork founder's shares.