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Photo: Jaap Arriens / Getty Images

Uber's warring factions have agreed to a truce that will allow Japan's SoftBank Group to launch a tender offer for at least a 14% stake in the ride-hail company, per multiple sources.

Bottom line: This is major development, but doesn't mean the deal will actually be consummated. Instead, SoftBank now will propose a price at which it would buy stock from eligible Uber shareholders, who would then have 30 days to tender.

This deal has been in a holding pattern for several weeks, due to a disagreement between ex-CEO Travis Kalanick and venture capital firm Benchmark. The resolution – which allows a voting rights agreement to be signed shortly – is twofold:

  1. Benchmark will suspend its lawsuit against Kalanick during the tender, and drop it if the deal gets closed.
  2. Kalanick will allow a majority of the board to approve (or disapprove) his future nominees to three board seats that he currently controls.

Key now is what price SoftBank proposes. As we've previously reported, SoftBank likely will need to come up for its indicative proposal that valued Uber at around $50 billion.

Benchmark and other early investors have agreed not to discuss their sale plans with one another, while SoftBank has agreed that all of its secondary share purchases will be at the same price (it had initially wanted to offer a premium to early sellers).

Update: Uber confirms progress in its talks with the investors. From a spokesperson:

We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment. We believe this agreement is a strong vote of confidence in Uber's long-term potential. Upon closing, it will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance.

Go deeper

Del Rio bridge camp empty following Haitian migrant surge

A boy bathes himself in a jug of water inside a migrant camp at the U.S.-Mexico border on Sept. 21 in Del Rio, Texas. Photo: John Moore/Getty Images

The last migrants camping under the Del Rio International Bridge, which connects Texas and Mexico, departed on Friday, Homeland Security Secretary Alejandro Mayorkas announced during a White House press briefing.

Driving the news: Thousands of migrants, mostly from Haiti, had arrived to the makeshift camp after crossing the southern border seeking asylum. Roughly 1,800 migrants will now head to U.S. Customs and Border Protection processing centers.

White House says it expects federal contractors to be vaccinated by Dec. 8

Photo: Stefani Reynolds/Bloomberg via Getty Images

The White House said in new guidance Friday that it expects millions of federal contractors to be vaccinated against the coronavirus no later than Dec. 8.

Why it matters: Companies with federal contractors have been waiting for formal guidance from the White House before requiring those employees to get vaccinated, according to Reuters.

CDC director maintains Pfizer booster recommendation for high-risk workers

Rochelle Walensky listens during a confirmation hearing on July 20. Photo: Stefani Reynolds/The New York Times/Bloomberg via Getty Images

Centers for Disease Control and Prevention director Rochelle Walensky on Friday reiterated her decision to go against a recommendation by a CDC advisory panel that refused to endorse booster shots for workers whose jobs put them at high risk for contracting COVID-19.

Driving the news: "Our healthcare systems are once again at maximum capacity in parts of the country, our teachers are facing uncertainty as they walk into the classroom," Walensky said at a Friday briefing. "I must do what I can to preserve the health across our nation."