SoftBank's Tender Bid For Uber Massively Successful

SoftBank's Tender Bid For Uber Massively Successful

SoftBank and its co-investors have successfully acquired at least 13 percent of Uber, a major victory for Uber's new CEO and one that will give billions of dollars in cash to some of the company's earliest investors and employees.

The price offered for the shares valued the firm at $48bn and was a discount to Uber's most recent fundraising round, but for some of the firm's earliest investors could provide a big payoff. We have tremendous confidence in Uber's leadership and employees and are excited to support Uber as it continues to reinvent how people and goods are transported around the world.

Last month, SoftBank revealed that Benchmark Capital and Menlo Ventures have agreed to sell equity as part of the deal. On Thursday it said that existing investors had agreed to sell enough shares for SoftBank to go through with the transaction.

SoftBank's offer to purchase Uber shares from earlier investors and employees has succeeded.

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Phoenix police say they opened fire and fatally wounded a man armed with a knife after he charged at them. After a brief exchange of gunfire, police were able to secure the area and take the suspect into custody.

SoftBank itself will keep a 15 per cent stake, while the rest of the consortium will own approximately 3 per cent, according to a second person familiar with the matter.

Uber said it would use the investment "to support our technology investments, fuel our growth, and strengthen our corporate governance".

Ride-hailing company Uber is working on a deal to sell its USA auto-leasing business Xchange Leasing to startup digital vehicle marketplace Fair, according to a person familiar with the matter. However some Uber investors were concerned the price SoftBank was offering was too low, according to Recode. Dara Khosrowshahi, a former travel industry executive, became Uber's new C.E.O. in August, and said his top priority was ending the public fights between board members and Mr. Kalanick, who had been trying to retain some control over the company he helped found. And the Uber deal will add to worries in Silicon Valley that the Japanese conglomerate can make similar demands on other investments.

The moves come as Uber concludes a hard year, in which it faced a sexual harassment scandal, investigations by regulators and a lawsuit over allegedly stolen technology, among other challenges.

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