SoftBank's Tender Bid For Uber Massively Successful

29 December, 2017, 01:52 | Author: Natasha Holloway
  • Chris Jackson  Getty

Sources familiar with the matter told The Wall Street Journal on Thursday that Uber employees and investors have tendered shares equal to around 20 percent of the company.

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.

Softbank will invest $1 billion into Uber in hopes of ridding investor concerns the tender offer lowers the value of remaining shares, the Wall Street Journal reported. As part of the deal, which the investment firm expects to close in January, SoftBank will also invest $1.25 billion directly into Uber.

"We have tremendous confidence in Uber's leadership and employees and are excited to support Uber".

The investor group is also buying about $1.25bn worth of new shares at a price that values the firm at nearly $70bn, a significantly higher price that is similar to what Uber shares fetched in its last fundraising round. However, under the deal, Uber will take a stake in Fair and the startup will become an exclusive partner with Uber, offering drivers the ability to lease cars. The Japanese conglomerate set a threshold for its bid at 14 percent and while it's now able to purchase almost 50 percent more than it originally planned, it's reportedly limiting its offer to a 15 percent stake.

Raiders vs. Eagles on Christmas night
Unlike Oakland, Philadelphia has a playoff spot sewn up and would clinch the top seed in the NFC with a win Monday. By the time you're done unwrapping your shiny new Carson Wentz jersey, it'll nearly be time for Sixers-Knicks.

Getting the company ready to go public will be Khosrowshahi's ultimate goal over the next year, though it won't be easy.

Uber Technologies Inc said in September it was shutting down the auto-leasing business, which had heavy losses.

Some initial investors in the consortium, including General Atlantic, dropped out over disagreement about the price offered to shareholders, Reuters previously reported.

The change is expected to reduce the influence of former chief executive Travis Kalanick, who was ousted from the top role in June but remains a board member. The company still faces numerous legal challenges, including a massive trade secrets lawsuit with Alphabet's self-driving auto unit Waymo and multiple government investigations into potentially illegal business practices.

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