Adam Neumann Makes Conditional Offer to Buy WeWork

Adam Neumann has submitted a conditional bid of circa £500 million for WeWork, the bankrupt co-working company he fronted until 2019. Neumann’s new property company, Flow, confirmed the offer saying “a coalition of half a dozen financing partners – whose identities are known to WeWork and its advisers – submitted a potential bid”.

Neumann resigned as WeWork’s chief exec in 2019, and in the past months has been courting potential investors to finance his effort to regain control of the company. Flow did not specify any party who had agreed to step in with Neumann.

In a statement We Work stated “WeWork is an extraordinary company and it’s no surprise we receive expressions of interest from third parties on a regular basis. Our board and our advisers review those approaches in the ordinary course, to ensure we always act in the best long-term interests of the company.”

The co-working group, which filed for bankruptcy in November, has been negotiating with creditors to come up with a plan for how it will exit Chapter 11. Despite Neumann’s overtures in recent months, there was no plan on the part of WeWork to sell itself.

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