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studioEAST/Getty Images

We've not discussed the Uber-SoftBank transaction lately, so let's do it now. And, in honor of Gordon Hayward's surgery apparently going well, let's treat it like the game it has become:

Possession arrow: SoftBank

  • Everyone currently is waiting on the Japanese giant, which has not yet set a price, nor even communicated how it plans to run the auction process (i.e., fixed tenders, Dutch auction, etc.). It has, however, tried to do price discovery via some one-on-one conversations, and most sources expect formal details within a week.

Over/under: 41.65.

  • That's Uber's most recent 409a valuation, which works out to around a $60 billion valuation based on the current share count. It also seems to be the number below which many shareholders won't even consider a deal (and below which those with pro rata rights — like Benchmark and TPG — could become buyers). That's got to be causing SoftBank some heartburn, given that it originally proposed pricing the deal near a $50 billion valuation.

Halftime quotes

  • "Everyone wants to provide as little transparency as possible." — Uber investor
  • "I know a lot of people don't think it gets done in the end, but they also thought Dara wouldn't get over the governance hurdles. He wants this, and I wouldn't bet against him." — (different) Uber investor

Rules clarification

  • There was a recent FT report about how Benchmark wouldn't raise its ROFR rights in regards to the tender, but sources say the ROFR only relates to shares being (possibly) offered by Travis Kalanick, Ryan Graves and Garrett Camp.

Different sort of court

  • Uber's former chief business officer, Emil Michael, yesterday was dropped as a defendant in a privacy invasion lawsuit filed by a woman who was raped by an Uber driver in India. The company itself remains party to the suit, as do Travis Kalanick and former executive Eric Alexander.z

Go deeper

Mike Allen, author of AM
1 hour ago - Economy & Business

America on borrowed time

Illustration: Aïda Amer/Axios

Economic recovery will not be linear as the world continues to grapple with the uncertainty of the pandemic.

Why it matters: Despite being propped up by an extraordinary amount of fiscal stimulus and support from central banks, the state of the global economy remains fragile.

Scoop: Gina Haspel threatened to resign over plan to install Kash Patel as CIA deputy

CIA Director Gina Haspel. Photo: Win McNamee/Getty Images

CIA Director Gina Haspel threatened to resign in early December after President Trump cooked up a hasty plan to install loyalist Kash Patel, a former aide to Rep. Devin Nunes (R-Calif.), as her deputy, according to three senior administration officials with direct knowledge of the matter.

Why it matters: The revelation stunned national security officials and almost blew up the leadership of the world's most powerful spy agency. Only a series of coincidences — and last minute interventions from Vice President Mike Pence and White House counsel Pat Cipollone — stopped it.

Updated 13 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Coronavirus deaths reach 4,000 per day as hospitals remain in crisis mode — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Biden says, "We will manage the hell out of" vaccine distribution — Biden taps ex-FDA chief to lead Operation Warp Speed amid rollout of COVID plan — Widow of GOP congressman-elect who died of COVID-19 will run to fill his seat.
  3. Vaccine: Battling Black mistrust of the vaccines"Pharmacy deserts" could become vaccine deserts — Instacart to give $25 to shoppers who get vaccine.
  4. Economy: Unemployment filings explode againFed chair: No interest rate hike coming any time soon —  Inflation rose more than expected in December.
  5. World: WHO team arrives in China to investigate pandemic origins.