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Uber’s board on Tuesday approved a series of governance changes that would pave the way for a massive investment by SoftBank, the Japanese giant set on acquiring a piece of the private market’s most valuable company.
“The Board voted unanimously to move forward with the proposed investment by SoftBank and with governance changes that would strengthen its independence and ensure equality among all shareholders,” Uber’s board said in a statement. “SoftBank’s interest is an incredible vote of confidence in Uber’s business and long-term potential, and we look forward to finalizing the investment in the coming weeks.”
That proposal includes a ‘one share, one vote’ provision that would strip Uber’s earliest backers, including founder Travis Kalanick and venture capital firm Benchmark, of some of their power.
Any SoftBank deal would still require finding existing stockholders who hope to sell their positions. It could still fall through should the price not be high enough and there not be enough interest in the so-called “tender offer” sale process.