SoftBank's Tender Bid For Uber Massively Successful

by Ben Pena December 29, 2017, 0:40
SoftBank's Tender Bid For Uber Massively Successful

The company still faces numerous legal challenges, including a massive trade secrets lawsuit with Alphabet's self-driving vehicle unit Waymo and multiple government investigations into potentially illegal business practices. The deal is good news for SoftBank, which has been trying to get a stake in Uber for years, and good news for the ride-sharing company, which should see an immediate influx of much-needed cash.

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.

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 deadline for tender offers was 8pm (GMT).

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Sources familiar with the matter told the publication that stakeholders are tendering 20 percent of the equity in the ride-hailing company. The Japanese telecommunications giant acquired about 15% of the company in the deal, which valued the the company at $48 billion and included an additional $1.25 billion to buy shares directly from the company.

In November, Uber also came clean about its coverup of a year-old hacking attack that stole personal information about more than 57 million of its customers and drivers. They said that SoftBank is expected to acquire 15 percent, while the reminder will likely be made available to other prospective buyers. There's no evidence that the data taken has been misused, according to Uber's recently hired CEO, Dara Khosrowshahi.

Rajeev Misra, chief executive of SoftBank's Vision Fund, a tech investment vehicle, will be nominated to the Uber board, the Journal reported. SoftBank Vice Chairman Ron Fisher also has been under consideration for an Uber board seat, the Journal said.

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