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Illustration: Lazaro Gamio / Axios

SoftBank's investment plans for Uber have hit another stumbling block, according to multiple sources. The Japanese giant has asked shareholders like Benchmark to not discuss with peers how much they may sell or at what price. SoftBank views it as an anti-collusion provision, whereas the shareholders view it as a gag order.

Status: This was a bigger problem several days ago than it was today, as many of the shareholders have given verbal assurances that they won't share info. But they won't sign paperwork to that effect — fearing possible liabilities — and it's still a bit unclear if SoftBank will take their word as bond.

Rationale: For SoftBank, this is as much about timing as price, as it fears shareholders will wait until the end of the 30-day period to announce their opposition, thus effectively restarting the process for another 30 days. Or, put another way, exactly what would happen in a tender were Uber publicly-traded.

Dollars and common sense: Shareholders still don't have indication on price. The range on SoftBank's "term sheet" with the Uber board didn't approach the 409a price we reported was the likely tipping point in terms of getting this thing done, but it is allowed to tender at a higher number (albeit not a lower one). And that report came before Lyft raised a major up-round, thus making it harder to SoftBank to push through a deep discount on Uber shares.

Go deeper

Updated 37 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — U.S. tops 88,000 COVID-19 cases, setting new single-day record.
  2. Politics: States beg for Warp Speed billions.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. 🎧Podcast: The vaccine race turns toward nationalism.
48 mins ago - Health

States beg for Warp Speed billions

A COVID-19 drive-thru testing center yesterday at Hard Rock Stadium in Miami Gardens. Photo: David Santiago/Miami Herald via AP

Operation Warp Speed has an Achilles' heel: States need billions to distribute vaccines — and many say they don't have the cash.

Why it matters: The first emergency use authorization could come as soon as next month, but vaccines require funding for workers, shipping and handling, and for reserving spaces for vaccination sites.

Court rules Minnesota absentee ballots must be received by 8 p.m. Election Day

An election judge drops a ballot in a ballot box at a drive through drop-off for absentee ballots in Minneapolis. Photo: Stephen Maturen/Getty Images

An appeals court on Thursday ruled that Minnesota absentee ballots must be received by 8 p.m. on Election Day to be counted.

Why it matters: The ruling, which comes just five days before the election, blocks the state's plan to count absentee ballots arriving late so long as they're postmarked by Nov. 3 and delivered within a week of the election. Now those ballots must be set aside and marked late.