New York [USA], Nov 29 (ANI): Venture capital firm Sequoia Capital is looking to increase its stake in app-based cab aggregator Uber by aiming to buy shares from employees and other shareholders when the tender offer launches, likely on Wednesday.
The SoftBank Group-led team of investors valued the company at about a 30 per cent discount, aiming for 14 per cent ownership in the company.
The group of investors today are looking to buy approximately USD 8 billion in shares.
However, it is possible for the offer price to go up if there are not enough sellers to meet the requirement of USD 8 billion.
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.
However, in a move to retain the powers that come with his position, Kalanick, in September, named two new members to the company's Board of Directors, thus paving the way for them to gain voting rights in the million-dollar firm.
Kalanick announced the appointment of Ursula Burns, former CEO and Chairwoman of Xerox, and John Thain, who has served as CEO of CIT Group, Merrill Lynch and the New York Stock Exchange.
If the above deal with SoftBank Group-led team of investors is completed, investor and board member Benchmark Capital has agreed to drop its lawsuit against Kalanick.
The lawsuit related to Kalanick's power to appoint three board seats, including his own. (ANI)