Uber board opens up to major Softbank investment

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Early Uber investor Shervin Pishevar, who previously intervened on Kalanick's behalf in Benchmark's suit against the Uber founder, threatened on Monday to sue Uber board members Graves and Garrett Camp if they voted to implement the one vote, one share rule.

This was after Uber Technologies directors on Tuesday voted to approve a series of changes that increase the independence of the board and decreases the influence of Kalanick.

SoftBank's investment into Uber comes a day after it invested $2 billion into Uber's biggest Indian rival Ola. The Japanese firm plans to invest as much as $1.25 billion at Uber's current valuation of almost $70 billion, and then buy up to an additional $10 billion worth of shares at a valuation of around $50 billion, Recode reported Tuesday.

According to The Wall Street Journal, SoftBank invested around $1.25bn in Uber a year ago, and now it could disburse an additional $9bn in shares from other investors and employees.

Uber's board also approved plans to go public by 2019. If it doesn't, Uber will lift some restrictions on shareholders from selling their stakes.

Uber said the meeting between its CEO Dara Khosrowshahi and Transport for London (TfL) commissioner Mike Brown was designed "to make things right", 11 days after the body ruled against the United States company. Just last week Kalanick rocked the boat by appointing two new board members - former Xerox CEO Ursula Burns and former Merrill Lynch CEO John Thain - without informing Khosroshahi or anyone else.

The obvious fight was between Uber and the city's traditional black-cab taxi drivers, who said the ride-share giant was flooding the car-for-hire market with incompetent and unsafe drivers.

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The posturing continued throughout the weekend as Uber and its new CEO course corrected for the surprise move and Kalanick prepared to dig his heels into retain a grip on the company he had led for more than six years. And all of that backlash only emboldened its global competitors.

"Further steps in this process will take place over the coming weeks", they added. However, after corporate governance proposals were presented last week, he made a decision to exercise his right to appoint Burns and Thain. Benchmark is a major proponent of the changes while Kalanick is opposed. The changes decided Tuesday would prompt Benchmark to end a lawsuit and arbitration proceedings against Kalanick, the two sources and another said. Kalanick has been engaging with Khosrowshahi in hopes of finding a compromise that will unify the board.

Khosrowshahi wants the current 11-person board to cast a single vote that encompasses the deal and the revisions to corporate governance.

Numerous changes have the effect of restricting Kalanick's role at the company, while not specifically targeting him.

Tensions appeared to subside in August with the appointment of Khosrowshahi, former boss of the global travel giant Expedia, as the new Uber head. That provision also applies to Khosrowshahi.

Separately, Uber also approved a number of governance changes, which include the expansion of its board and significant changes to voting rights.

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