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Report: Uber board greenlights SoftBank investment, sets 2019 IPO deadline

Uber Technologies Inc. board approved multiple corporate reforms, a multi-billion-dollar-investment by SoftBank Group Corp., and set a 2019 deadline for an initial public offering, The Wall Street Journal reported, citing a person familiar with the matter.

The company revoked the so-called supervoting rights, which gave certain investors multiple votes per share, in a move reportedly to limit former Uber CEO Travis Kalanick's influence over the company, as well as to establish equal voting power among its shareholders, the source told WSJ.

Uber's board cleared SoftBank to invest $1 billion to $1.25 billion in Uber at the 2016 valuation of $68 billion as well as purchase shares at a discount from investors and employees that could total about an additional $9 billion, the source said.

The 11-member board also agreed to add as many as six new seats — three independent, one new chairman and two possibly designated for SoftBank.