Uber valued at $48bn after consortium secures shares deal
29 December, 2017, 01:50 | Author: Lora Ball
SoftBank's tender offer for Uber resulted in a resounding success and has convinced stakeholders to offer to sell as much as 20 percent of the ride-hailing service provider, The Wall Street Journal reported Thursday, citing people with knowledge of the development.
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.
SoftBank's investment consortium also includes Dragoneer Investment Group and Tencent Holdings. He continued: "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".
Uber said in September it was shutting down the auto-leasing business, which had run up huge losses. But SoftBank CEO Masayoshi Son had repeatedly teased the possibility - some might say threat - of investing in Lyft instead, including as recently as last month.
Earlier on Thursday, SoftBank made a so-called tender offer to Uber investors and shareholders, proposing to pay a reported $33 per share for their stock in the company. It marks the first significant piece of business for new CEO Dara Khosrowshahi, who is now preparing the embattled ride-hailing company to go public by 2019. Uber is losing more than US$1 billion each quarter, and a new cash infusion is critical.
Travis Kalanick resigned in June as Uber's chief executive but stayed on the company's board of directors. And the Uber deal will add to worries in Silicon Valley that the Japanese conglomerate can make similar demands on other investments. 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 investment comes after a year of troubles for Uber, including a lawsuit by Alphabet Inc's self-driving vehicle unit Waymo, that alleges trade secrets theft, and federal investigations that include possible bribery of foreign officials in Asian countries and the use of software to evade regulators.
Eric Garner was killed by a New York City police officer accused of using an unjustified and unlawful chokehold. The chokehold Eric was put in by officer Daniel Pantaleo lasted anywhere from 15 to 19 seconds.
Friday's resolution requires United Nations member states to repatriate North Korean overseas workers within 24 months. The country has increased its tests this year and while not all have been successful, the tests have raised tensions.
The weather service warned the coldest conditions will be Monday night into Tuesday morning and Tuesday night into Wednesday. There's a 60 percent chance of precipitation, with new snow accumulation of around an inch possible.
We're sure the 33-year-old has the best medical care and wouldn't do anything to jeopardize her first pregnancy. Khloé Kardashian is loving her pregnant bod ! "For the ones who think they are physicians all of a sudden".
Right now, the film is expected to cross the $800 million mark today, which means that it would be more than halfway there. The big test will be the amount of force The Last Jedi shows between now and New Year's Day, as well as into January.
Florence resident Becky Barrier said having four children has made her become a smart and experienced shopper. When asked what brought shoppers out the day after Christmas, it was all about the great deals.
One of first Ukrainian prisoners falls off bus during exchange of prisoners at a checkpoint near town of Gorlivka. Secretary of State Rex Tillerson asked Russian Federation to "lower the level of violence " in eastern Ukraine .
Legendary sports broadcaster Dick Enberg has died at age 82, passing away at his home in La Jolla, Calif. per multiple reports . He graduated from Central Michigan University and went to pursue Masters and Doctorate degrees from Indiana University.
John Labrosse, the mayor of Hackensack, said the city is letting residents prepay the first two quarters of their 2018 taxes . But there's a new post-Xmas frenzy this year, focused not on malls or sports palaces, but on local tax offices.
Orrin Hatch , a Republican who has represented Utah in the Senate since 1977, was expected by many in the state to step aside in 2018.
Dana White adds fuel to Floyd Mayweather rumors
When asked if he believes that is St-Pierre's intent after vacating the middleweight title, White shot down the potential matchup. The UFC's middleweight division will move on in February, when newly crowned champion Whittaker meets Luke Rockhold at UFC 221.
Patrick Mahomes to start at QB for Chiefs vs. Broncos
That gives Kansas City fans the chance to get their first sneak peek at Smith's heir apparent against the Broncos . A two-year started while at Texas Tech, he declared for the National Football League after his true junior season.
More Pregnant Mothers in California Are Using Pot
The women were treated at Kaiser Permanente facilities that had screening for marijuana use as part of standard prenatal care. For pregnant teens under 18, marijuana use climbed from 12.5 percent to 21.8 percent.
Three takeaways from Steelers' win over Texans
There does not appear to be another team in the AFC that could go into either Pittsburgh or Foxborough and win. Taylor Heinicke became the fourth quarterback to play for the Houston Texans this season after replacing T.J.
Christmas Eve celebrated across Turkey
Churches all over held special Christmas Eve services Sunday to celebrate the real reason for the season. The department has already inaugurated skiing and other winter sports activities at Gulmarg.