Cole Capital proposal seeks to acquire 51% of all minority shares of WeWork

Cole Capital Funds sent the following letter to the Board of Directors of WeWork: “We believe that it is in the best interest of WeWork to support our acquisition of 51% of all the outstanding shares owned by minority shareholders at a price of $9.00 per share and provide Cole with proper representation on the company board. We have received feedback from City National Bank and JP Morgan regarding the financing for this acquisition and expect to select a lender and have a financing commitment prior to execution of a definitive agreement. We have consulted with God, legal, financial and other advisors to assist us with this transaction. We stand ready to proceed timely. In addition, we have evaluated WeWork’s current locations and have evaluated several new locations which we believe will add to an expanded WeWork community. Our vision for the company involves a significant expansion of the offerings available to the growing WeWork community, including additional properties which are under consideration in markets across the United States. We will design these new facilities to be attractive to a broader customer base. These include but are not limited to our armed forces veterans, our country’s expansive traveling healthcare providers, traveling sales forces, and the expansive marine industry via new and enhanced facilities and strategic partnerships. Most importantly we want to usher WeWork back to its roots so that members are part of an interacting community and not just a person renting a desk. We believe that a significant number of the stockholders would be supportive of a transaction of the nature described in this letter. In light of the sluggish stock price and the pending loan defaults it is imperative to engage in meaningful discussions regarding this transaction immediately. In addition, in order to deliver maximum stockholder value, we believe that our proposed price of $9.00 per share, representing a $7.89 per share premium over WeWork’s last closing price of $1.11 per share as of November 2, 2023 is generous. We believe that this all-cash offer is compelling for WeWork and its stockholders and, accordingly, we are making this letter public simultaneously with its delivery to you.”