Uber approves Softbank's multi-billion dollar investment

Share

In addition to the direct purchase of $1bn Uber shares, Softbank also wants to buy out other investors' shares up to a total of $9bn, according to financial newswire Bloomberg. The initial price for the tender offer may not be set for more than a week, a person familiar with the matter said.

The long-awaited deal was made public in October but was delayed by a corporate governance and legal dispute between investor Benchmark Capital and ousted CEO Travis Kalanick.

The Spice Girls reportedly set for 2018 reunion and new album
I repeat THEY ARE GETTING BACK TOGETHER! "I still love the girls and there are other bits and bobs in the pipeline". Victoria Beckham , Posh Spice , is usually the hold-back when it comes to reunion specials, but this time she's in.

The group led by SoftBank and Dragoneer Investment Group is also planning to invest a much larger amount by buying up to $9 billion in Uber shares. Both sides ended their feud on Sunday, clearing the way for the SoftBank investment.

"We believe this agreement is a strong vote of confidence in Uber's long-term potential", it said. Kalanick is agreeing to give Uber's board majority approval over the board seats he controls should he ever need to fill them again. Benchmark had alleged that Kalanick duped investors into allowing him to create three disputed board seats that it later wanted to delete, which action would dump Kalanick out of Uber altogether. Uber investor Benchmark agreed to drop its fraud lawsuit against Kalanick if the Softbank deal goes through. The deal could still fall through if there aren't enough interested sellers.

Pakistani soldiers killed in Afghan border attack
Major General Asif Ghafoor tweeted on Monday that Pakistan was paying the price for a security vacuum on the Afghan side of the border.

The Japanese group, founded by billionaire Masayoshi Son, expressed an interest several months ago in investing around $1 billion in Uber for a stake of at least 14 percent.

If completed, Uber plans to use the funds to expand its business further as well as boosting its investments in technology and strengthening its corporate governance.

Man shot dead by cow vigilantes in Alwar
Alwar had made headlines in April after a dairy owner, Pehlu Khan was beaten to death on the suspicion of cattle smuggling. The Rajasthan police later gave a clean chit to the six assailants he had named in his dying declaration.

SoftBank is sending tremors through the tech world with its massive new Vision Fund, a venture capital fund intended for startups and expected to dominate the industry before long.

Share