Uber's valuation could be significantly slashed after SoftBank deal

SoftBank Succeeds in Tender Offer for Large Stake in Uber

"We are appreciative of the support from Uber's shareholders in the successful tender offer", Rajeev Misra, CEO of SoftBank Investment Advisers, said in a statement.

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. The deal will trigger a number of changes in the way the board oversees the company, which is dealing with federal criminal probes, a high-stakes lawsuit and an overhaul of its workplace culture.

As part of the deal, Uber's board will expand from 11 members to 17 members.

Thousands Rush To Prepay Taxes Before New Tax Bill Takes Effect
Leventhal says that almost half of the county's taxpayers will have more than $10,000 in combined state and local taxes. Anyone paying by check after today may have a hard time since often the check must clear by the end of the year.

After-Christmas sales- shoppers filling the stores, looking for bargains
Some of the stores like Kohls, Dick's Sporting Goods and Old Navy extended their holiday hours and opened early again today. Expert say you should avoid buying clothes for people because it's easy to get the wrong size, color, brand, or style.

National Weather Service issues Wind Chill Advisory for Christmas Day
The low will be around 2, with wind chill values as low as minus 20 and west wind 17 to 26 miles per hour . Gusty winds will create wind chill values near -20° at times leading to increased risk of frostbite.

Khosrowshahi, who took the top job in August after Travis Kalanick was forced to step down in June, helped negotiate the deal. Early investors like Benchmark Capital and Menlo are understood to be the ones that are selling the largest amount of Uber shares as part of SoftBank's offer and will see a return of approximately 3,600 times their investment. On Thursday it said that existing investors had agreed to sell enough shares for SoftBank to go through with the transaction. 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. The company is also planning an initial public offering in 2019. The closing of the deal will also mark the end of the company's supervoting share structure, moving the company to a "one share, one vote" system that further weakens the influence of early executives and shareholders. SoftBank will get two seats on the expanded board, a source told Reuters.

SoftBank has previously pumped billions into several ride-hailing companies overseas, including Didi in China, Grab in Southeast Asia and 99 in Brazil.

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

Related news:

Hot News

isis-killer-beheading-video-story-top Dana White defends Conor McGregor, UFC lightweight division from 'haters'
Dec 29, 2017 - 01:52
However, White shot down any notion that the UFC should have stripped McGregor of the lightweight title by now. One person you won't have to worry about seeing the Irishman fight, according to White, is Georges St-Pierre.

isis-killer-beheading-video-story-top Daughter of Eric Garner Declared Brain Dead
Dec 29, 2017 - 01:36
Twitter has been alight with reactions to the news, including hopeful affirmations that Garner will make it through. An out-of-court settlement in which the city agreed to pay the Garner family $5.9 million was announced in 2015.

isis-killer-beheading-video-story-top Huawei's 2018 roadmap leaked, P20 to launch early next year
Dec 28, 2017 - 01:11
In the latest leak, Huawei's 2018 roadmap has just spotted online revealing all the smartphone launches for the year 2018. The roadmap also suggests the arrival of the A2 band; a new Huawei Scale body scale, and the Huawei 360 Camera.

isis-killer-beheading-video-story-top Khloé Kardashian Reveals How Close She Is to Giving Birth
Dec 28, 2017 - 01:10
We're sure the 33-year-old has the best medical care and wouldn't do anything to jeopardize her first pregnancy. Khloe has already confirmed that she has been documenting her journey for Keeping Up with the Kardashians .

isis-killer-beheading-video-story-top Chiefs make QB switch for suddenly intriguing Week 17
Dec 28, 2017 - 01:10
When speaking to reporters, Reid said he has no expectations for Mahomes and just wants him to get some reps leading the offense. Mahomes, 22, played in all four preseason games, completing 34 of 54 pass attempts with four touchdowns and zero interceptions.

NY police investigate four possible murders in apartment upstate
Dec 28, 2017 - 01:08
DeWolf added that the deaths appeared to be suspicious and were being investigated as possible homicides. Authorities in Troy are investigating multiple deaths on 2nd Avenue.

isis-killer-beheading-video-story-top Klopp: Liverpool's priority is always to defend
Dec 27, 2017 - 03:55
In the first half he was right full back, he was left full back, he was everywhere. Ayew's hard work off the ball will also help to stifle the Reds' fluid attack.

isis-killer-beheading-video-story-top Cardi B Is Coming After the Hackers Who Leaked Explicit Videos
Dec 27, 2017 - 03:40
Cardi - real name Belcalis Almanzar - was a former Bronx-based stripper with a massive social media following. Don't clutch your pearls just yet, though; Cardi's camp told TMZ that the video was just a joke.

Trump Re-Ups Claims That Dossier Is 'Bogus,' Citing 'Fox And Friends' Report
Dec 27, 2017 - 03:29
The Washington Times says its sources who are familiar with investigations being pursued by members of both the U.S. Perez was responding to a tweet from President Donald Trump, who called the dossier a "pile of garbage".

isis-killer-beheading-video-story-top Wake County recycling Christmas trees for mulch in local parks
Dec 27, 2017 - 02:47
Trees can only be habitats for land bound critters either; trees sunk into ponds or lakes can provide habitats for fish. Montgomery County Parks and Recreation will collect live Christmas trees at Rotary Park (2308 Rotary Park Drive).

isis-killer-beheading-video-story-top Treasury escalates pressure on North Korea with more sanctions
Dec 27, 2017 - 02:34
Treasury has also slapped sanctions on a Chinese businessman and several North Korean shipping and trading companies and vessels. As a result of the order, those individuals will now be blocked from making any transactions with US individuals and businesses.

isis-killer-beheading-video-story-top China holds meeting to broker peace in Afghanistan-Pakistan conflict
Dec 26, 2017 - 10:11
Asif said that the frustration of USA can be clearly seen through statements at the United Nations General Assembly session. Pence also received briefings from military leaders, including Gen.

Mariah Carey will return to New Year's Rockin' Eve as headliner
Dec 26, 2017 - 10:03
At the time, the production company described her claims that she was sabotaged as "outrageous and frankly absurd". Carey will join Camila Cabello , Nick Jonas and Sugarland as other acts slated to perform during the show.

Jennifer Lawrence buys Kris Jenner a Porsche
Dec 26, 2017 - 09:58
Priced at US$259 the mini Porsche dons a sound system, LED lights, a bluetooth remote control and runs at three different speeds. Oscar-winning actress Jennifer Lawrence has gifted a toy auto to reality TV personality Kris Jenner for Christmas .

isis-killer-beheading-video-story-top India should reduce petrol imports by 2022: PM Modi
Dec 26, 2017 - 06:35
PM Modi was referring to the political superstition according to which, any UP CM who visits Noida ends up losing power. I was clear I would go to all those places in my first year itself.