Adam Neumann, the co-founder and former CEO of the bankrupt WeWork Inc. (OTCMKTS: WEWKQ), submitted an offer to acquire the co-working company for more than $500 million.
According to a Wall Street Journal report sourced from unnamed “people familiar with the matter,” Neumann’s lawyers sent a letter to WeWork’s advisers that announced he was joining with Dan Loeb’s Third Point hedge fund and other investors to discuss a potential acquisition offer. However, a spokesperson for Third Point said the hedge fund only conducted preliminary conversations with Flow Global, Neumann’s real-estate company, and was not part of any bid.
Neumann resigned as WeWork’s chief executive following a problematic initial public offering in 2019 and later left the company’s board of directors. WeWork filed for chapter 11 last November after struggling with the weakened office property market.
A WeWork spokesperson did not directly address the Neumann offer, stating that “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.”
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