Sunday, 19 November, 2017

SoftBank says considering investment in Uber but no final agreement reached

Uber confirms it's reached agreement with SoftBank for potential multi-billion dollar investment Uber Board Members Put Aside Differences To Accept Giant Sack Of Investment Cash
Laurie Berry | 14 November, 2017, 11:55

SoftBank - along with Dragoneer Investment Group, General Atlantic and Chinese ride-sharing giant Didi Chuxing - will directly invest US$1 billion into Uber.

Uber has suffered a tumultuous few months which has seen former CEO and co-founder Travis Kalanick forced out after a series of boardroom controversies and other regulatory battles in multiple USA states and around the world.

The statement was issued after Uber said that the company had entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential multibillion-dollar investment.

Discussions between Softbank and Uber will now revolve around proposed price at which the former will buy stock and number of shares to be purchased.

"The Uber board and its shareholders, as well as the SoftBank Group side, have come to a basic agreement on a process for the SoftBank Group to make a future investment in Uber". The Softbank deal will add six new directors to the board and eliminate the special voting powers of a certain type of company stock, which in turn will reduce Kalanick's authority over the board. A source with knowledge of the matter said that the deal comes with a resolution to have an initial public offering by 2019. Benchmark and others ultimately agreed to waive those rights in exchange for concessions from SoftBank over the tender offer process, the people said.

Stubble burning: This formula could have saved Delhi its smog menace
Gopal Rai said that a final call on the issue will be taken after the Supreme Court hearing on November 13. Khattar was in Delhi on Monday but wasn't able to meet the Delhi CM due to his busy schedule.

SoftBank shares were down 0.75 percent on the news with Makoto Sengoku, market analyst at Tokai Tokyo Research Centre, saying that investors were underwhelmed with the news. SoftBank will gain two Uber board seats as part of the investment.

Uber is now valued at $68 billion. Early employees also stand to sell for significant sums.

Uber now competes with Ola that together hold 90% of the ride hailing market.

SoftBank's investment in Uber pressures Uber's main American rival, Lyft, to raise more money to compete on driver incentive deals and lower prices.

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