WeWork co-founder Adam Neumann has reportedly tabled a bid worth more than $500m (£395m) to buy the ailing flexible workspace business.
Neumann’s new property venture Flow Global confirmed yesterday that it had submitted a bid for the business with a “coalition of half a dozen financing partners”.
In a statement issued to Reuters, WeWork said: “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.”
Last month, it was reported Neumann had partnered with investment firm Third Point LLC and other investors to try to acquire the business, which filed for Chapter 11 bankruptcy in November last year.
However, according to a letter sent to WeWork’s lawyers, representatives from the flexible workspace company have failed to engage with Neumann, who was forced out of the business in 2019 following a failed IPO.
The letter did not include details of how much Neumann intended to offer to buy the business, which was once valued at $47bn.
Responding to media reports last month, WeWork said in a statement: “WeWork is an extraordinary company. As such, we receive expressions of interest from external parties on a regular basis. We and our advisors always review those approaches with a view to acting in the best interests of the company. We continue to believe that the work we are currently doing – addressing our unsustainable rent expenses and restructuring our business – will ensure WeWork is best positioned as an independent, valuable, financially strong and sustainable company long into the future.”
