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Adam Neumann is seeking to buy WeWork out of bankruptcy in an audacious bid at a comeback at the office space company, but the hedge fund the ousted co-founder said he was working with said it has not yet committed any financing.
Lawyers acting for Neumann sent a letter to WeWork on Monday saying he was “partnering” with Dan Loeb’s Third Point on a potential bid.
However, in a statement to the Financial Times, Third Point said the firm was still in preliminary discussions and had not committed to financing Neumann’s bid.
“Third Point has had only preliminary conversations with Flow and Adam Neumann about their ideas for WeWork, and has not made a commitment to participate in any transaction,” the hedge fund said.
Flow is Neumann’s new real estate company. Neumann did not respond to a request for comment.
Neumann oversaw WeWork as its valuation peaked at $47bn in private markets and subsequently crashed after a failed initial public offering where investors raised concerns about his management of the company.
This is a developing story
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