Adam Neumann, the former CEO of WeWork, has reportedly submitted an unsolicited bid of over $500 million to acquire the company from bankruptcy, according to a source familiar with the matter. The bid could potentially increase to $900 million, pending due diligence.
The source of Neumann’s financing is not immediately clear. However, it has been confirmed that Dan Loeb’s Third Point is not involved in the offer, contrary to previous reports that suggested the investment firm was backing Neumann’s bid.
Neumann’s Renewed Interest in WeWork
This offer comes in the wake of reports that Neumann has renewed interest in reclaiming the company he was forced to leave five years ago. WeWork filed for bankruptcy in 2023 after a series of struggles and has since been working with bankruptcy advisors to restructure and streamline the business.
“Two weeks ago, a coalition of half a dozen financing partners submitted a potential bid for substantially more than The Wall Street Journal reported without contacting us,” a Flow spokesperson said in a statement.
WeWork’s Response to the Bid
“As we’ve said previously, 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 advisors review those approaches in the ordinary course, to ensure we always act in the best long-term interests of the company,” a WeWork spokesperson said on Monday.
Neumann’s bid, first reported by the Wall Street Journal, could potentially complicate WeWork’s bankruptcy proceedings. The company is currently seeking to reject numerous leases, which would allow it to walk away from longer-term commitments in less lucrative markets. Some of WeWork’s lessors have opposed these efforts.
