個案資料
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The WeWork SPAC
內容大綱
WeWork, a fast-growing but unprofitable real estate firm headquartered in New York, which leased shared office space around the world, announced in September 2019 that it was cancelling its plans for an initial public offering (IPO). In late 2020, as the company weathered the effects of the COVID-19 pandemic, several special purpose acquisition companies (SPACs) approached WeWork, offering an increasingly popular alternative method for the company’s shares to become publicly traded. In January 2021, WeWork’s new chief executive officer (CEO) was considering an offer from BowX Acquisition Corp., a “blank check” corporation. The CEO and the WeWork board needed to understand the benefits and disadvantages of a SPAC merger.
學習目標
The case is suitable for both undergraduate- and graduate-level courses in corporate finance to illustrate alternate methods that corporations can use to go public. The case is also suitable for courses in investment banking, mergers and acquisitions (M&A), valuation, or advanced corporate finance. Students should be familiar with the traditional IPO process, including the benefits of going public and the implicit and explicit costs of an IPO. After completion of the case, students will be able to do the following:<ul><li>Understand how SPACs are structured.</li><li>Explain the risks and rewards for public investors interested in investing in SPAC units.</li><li>Describe the motivations and risks of founding a SPAC for SPAC sponsors.</li><li>Evaluate the benefits and disadvantages of using a SPAC versus an IPO as a method of going public.</li></ul>