etvfutures.com
etvfutures.com November 19, 2017


Uber board has struck an agreement to pave way for SoftBank investment

13 November 2017, 09:39 | Lucia Cruz

VC firm, Uber ex-CEO put lawsuit on hold so investment deal can go ahead

SoftBank to buy chunk of Uber

"We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment", a company statement said in a statement Sunday evening.

"We believe this agreement is a strong vote of confidence in Uber's long-term potential".

Uber said the investment would be used to fuel the firm's expansion and power further investments in new technology.

SoftBank would also be investing $1 billion directly in Uber as an extension of the last Series G round, at its last private valuation of almost $70 billion. SoftBank is also expected to invest billions more buying up shares from existing shareholders at a discounted rate, depending on demand from sellers.

And if Softbank isn't able to buy at least 14 percent of Uber, it can walk away.

If the SoftBank deal goes through, it would function like a mini-IPO that helps tide Uber over until it actually goes public in 2019 as planned.

Massive college party in Texas causes floor of apartment to collapse
Around 50 people have been evacuated from a residential building in Texas after partygoers caused an apartment floor to collapse. Denton police tell NBC 5 that they never received any 911 calls to complain about the noise before the collapse.


Benchmark and former CEO Travis Kalanick are two of the largest shareholders, and it's uncertain whether either party wants to sell any of their stake. When approached by a media house, Softbank declined to comment on the potential investment. Benchmark has agreed to suspend its lawsuit against Kalanick, and drop it completely once the tender offer goes through. In return, Kalanick will allow board directors to vote on his selected board appointees in the future, according to the Wall Street Journal.

But over the weekend London Mayor Sadiq Khan recognised that Uber had apologised for mistakes and appeared ready to change after Transport for London refused to renew its licence in September, saying that it was not a fit and proper private auto hire operator.

SoftBank, which owns shares in other ride-hailing companies outside the United States, will receive two seats on Uber's board once the offer is complete, according to the New York Times.

As part of the agreement, Kalanick has agreed that he can not fill the three board seats he controls in the future without majority approval by the board, according to two people familiar with the matter.

See products that are available for YOUR vehicle at: Make My auto Safe, the premium online seller of vehicle safety products for ALL cars.



Other News

Trending Now

Taylor Swift's Denver concert: when, where and how to buy tickets
Taylor Swift performs at DIRECTV NOW Super Saturday Night Concert at Club Nomadic on Saturday, Feb. 4, 2017 in Houston, Texas. Some cities the songstress will be heading to include Seattle, Detroit, Chicago, Nashville and Los Angeles.

Knicks Starting Five: LeBron vs. Ntilikina?
That's gonna make some headlines but he should be a Knick. "It's definitely a shot at him, that's for sure", James said. Instead, he was likely aiming to praise Smith and disparage NY , due in large part to his history with Jackson.

Chicago Bears: 3 Takeaways from Week 10 vs. Packers
The Buccaneers, who never trailed despite playing without injured quarterback Jameis Winston, broke a five-game losing streak. Offensively, the Bears are averaging 16.7 points and 291.6 total yards (169.8 in passing and 121.8 in rushing) per game.

Trump urges lawmakers to end health mandate, cut top tax rate
Trump praised new bills in the House and Senate, called the Tax Cuts and Jobs Act (TCJA), but suggested a few improvements. Lawmakers aim to balance raising revenue to pay for major tax cuts without losing GOP votes and endangering the bill.

Long Island weather: Rain likely, highs in mid 40s
The rest of Monday holds the promise of see at least a few rays of sun between the clouds in the afternoon. The forecast does call for mostly cloudy skies today with scattered rain showers.

Call Of Duty: WWII Xbox One X VS PS4 Pro Graphics Comparison
Moreover, Microsoft's 4K gaming console is the 8th product most often added to Amazon wish lists ( Nintendo Switch is #2). In short - this is a great news for Team Xbox at Microsoft and Xbox fans.

Congratulations, Sex Probably Won't Give You a Heart Attack
The new findings are part of a 16-year study of heart risk factors involving about a million people living in and around Portland. Later the scientist asked that whether sex can be called unsafe for the heart patients and the answer come as to be on hold.

League victor Liam Miller, 36, fighting cancer
Miller began his career at Celtic where he played under now manager of the Republic of Ireland , Martin O'Neill. Former Celtic player Darren O'Dea added: "All my thoughts and love with Liam Miller and his family".

Google's Pixel Buds have started shipping
Brandon Jones and Trey Perry posted videos showing that touches to the edge of each unit's display don't register. There have been multiple bugs reports in Google's PIxel 2 and Pixel 2 XL devices since their launch.

Smog-hit Delhi calls off odd-even vehicle rationing plan
In its latest avatar in April 2016, the odd-even scheme had created a host of problems for the people of Delhi . "In light of the the two conditions by NGT on 2 wheelers and women, at the moment we are calling it off".