Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
Stocks rose on Friday, but notched weekly losses as investors worried the U.S.-China trade war is hurting economic growth.US Marketsread more
Uber's board may have reached a deal to allow Softbank to invest up to ten billion dollars in the company, but Softbank says its investment is "by no means decided."
In a statement to CNBC, Rajeev Misra, CEO of Softbank Investment Advisors and a Board Director of Softbank Group, said, "After a long and arduous process of several months it looks like Uber and its shareholders have agreed to commence with a tender process and engage with SoftBank. By no means is our investment decided. We are interested in Uber but the final deal will depend on the tender price and a minimum percentage shareholding for SoftBank"
Over the weekend, Uber cleared the way for Softbank's tender offer to proceed, but sources tell CNBC that its success is far from guaranteed given Uber's fractured board.
Pricing is also an issue. Talks on the tender offer have reportedly centered on a valuation of around $50 billion. Uber has a current paper valuation of nearly $70 billion.
It's uncertain whether existing shareholders will want to sell at the price Softbank wants to pay.
And if Softbank isn't able to buy at least 14 percent of Uber, it can walk away.
According to a source, eligible employees with stock options are capped at selling half their holdings.
Benchmark and former CEO Travis Kalanick are two of the largest shareholders, and it's uncertain whether either party wants to sell any of their stake.
Sources say the deal was only able to go forward because they finally put aside their latest feud. Benchmark has agreed to suspend its lawsuit against Kalanick, and drop it completely once the tender offer goes through. In return, Kalanick has agreed that his two board seats -- currently held by John Thain and Ursula Burns -- would need majority approval from the board if they were to open up.
The stakes are high. If Softbank's tender offer is successful, it will pave the way for major governance changes at Uber and brings it closer to a 2019 IPO.