SoftBank is pulling the plug on a $3 billion tender offer as part of its rescue plan for embattled WeWork, sources told Page Six.

The Wall Street Journal reported last month that SoftBank, which controls half the WeWork board, indicated it could exit the April 1 deal, because it claimed certain preconditions were not met — including issues involving regulatory probes. Independent members of WeWork’s board wanted it to go through.

Some reports said the offer would enrich just a few wealthy investors, including disgraced co-founder Adam Neumann, who could unload nearly $1 billion in stock. But others said some early employees who’d exercised options would lose dough if the deal wasn’t made.