Benchmark, Menlo Ventures ready to sell some Uber stock: SoftBank

SoftBank Group-led team of investors has confirmed that they have found likely sellers for the tender offer for app-based cab aggregator, Uber's shares.

According to TechCrunch.com, Uber shares from existing shareholders will be sold at more than 30 per cent discount as compared to the last private round.

"SoftBank and Dragoneer have received indications from Benchmark, Menlo Ventures, and other early investors of their intent to sell shares in the tender offer. Any sales by these shareholders will be pursuant to the same terms and conditions as will be offered to all other eligible holders that participate in the tender offer," said a statement from SoftBank Group.

Moreover, Sequoia Capital, Tencent and TPG are also looking to invest in Uber.

Sequoia Capital had previously invested in Uber through its 'scout' programme, which involved covertly finding deal opportunities through its network.

Alfred Lin, a partner in Sequoia, also made an angel investment at the seed stage.

Today, Uber employees with at least 10,000 of vested shares will be eligible to sell.

Moreover, other Uber shareholders, which include venture capitalists, angel investors and former employees could also be eligible.
READ MORE

SoftBank may have offered to buy Uber shares at a 30% discount

Japan’s SoftBank Group Corp is offering to purchase shares of Uber Technologies Inc at a valuation of $48 billion, a 30 percent discount to its most recent valuation of $68.5 billion, a person familiar with the matter said on Monday.

A second person said the amount was in line with what investors had been expecting. SoftBank is also expected to make a separate $1 billion investment in the company at the $68.5 billion valuation.

Bloomberg reported the offer price earlier on Monday.

READ MORE