SoftBank's Tender Bid For Uber Massively Successful

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This is about 30 percent less than its previous $68 billion valuation, which means investors and employees who plan to offload some of their shares will be taking a major discount. The companies said they would issue a statement on the outcome of the tender offer. It will also buy $1 billion of shares directly from Uber at the older $70 billion valuation. Uber will enact governance reforms that disempower the two warring factions and increase the size of the board to a massive 17 people. Last month, Uber disclosed that it had covered up a security breach that had compromised the personal data of 57 million rider and driver accounts, and SoftBank was able to talk down the price of its investment. SoftBank has access to all kinds of technology that could be relevant to Uber's self-driving auto plans via its other investments, and with its help, Uber will be better positioned to expand into Asia. The sellers of Uber shares haven't been disclosed, but some Uber employees are rumored to be among those selling, along with investors Benchmark and Menlo Ventures. And the Uber deal will add to worries in Silicon Valley that the Japanese conglomerate can make similar demands on other investments. Kalanick resigned from his post earlier this year after a number of scandals, but still maintains a seat on the company's board of directors, where he is surrounded by allies and controls 16 percent of the voting power. By itself, SoftBank will likely only acquire enough shares to gain a 15% stake in the company; its partners will likely purchase the remaining 5% stake on offer, the Journal reported. A second member of SoftBank is expected to join the board as part of the terms of the deal. "Plus it brings in fresh capital for Dara to build Uber 2.0".

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