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A consortium led by SoftBank Group Corp will go ahead with the purchase of a major stake in Uber Technologies Inc after existing investors in the ride services company agreed to sell shares at a price that values the startup at $48 billion, the Wall Street Journal reported on Thursday.
Uber and SoftBank declined to comment on results of the tender, which expires at noon PT (3 pm ET) on Thursday, 28 December.
Still, the price is at a 30 percent discount to the most recent valuation of $68 billion.
Uber investors and employees tendered shares equal to about 20 pct of the company, the Journal reported, citing unnamed sources. SoftBank probably will limit its purchase in the tender offer to 15 percent of Uber, and other members of its group are likely to buy additional shares.
(This is a developing story and the copy will be updated.)
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