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Japan’s SoftBank Group Corp is offering to purchase shares of Uber Technologies Inc at a valuation of US$48 billion, a 30 percent discount to its most recent valuation of US$68.5 billion, a person familiar with the matter said on Monday.

The investment Isaiah Oliver Jersey , which was approved by the Uber board in October, would also trigger a string of governance changes at Uber that would limit some early shareholders’ voting power, expand the board from 11 to 17 directors and cut the influence of former Chief Executive Travis Kalanick.

The investment and board moves are supported by new Chief Executive Dara Khosrowshahi and come at the end of a year of scandals and change for Uber, including the announcement last week that executives covered up a major hack in 2016.

The consortium of investors led by SoftBank and Dragoneer Investment Group plan to take a stake of at least 14 percent in the ride-services company. The tender offer was set to launch yesterday Calvin Ridley Jersey , sources told Reuters, and investors have nearly a month to respond.

The SoftBank-led investor group will acquire two of the new board seats, with the remaining four going to independent directors.

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Another person familiar with the deal said the offer price was in line with what investors had been expecting. SoftBank’s offer is close to what Uber was worth in 2015 Vic Beasley Jr Jersey , when shares were priced a little under US$40 apiece for a US$51 billion valuation, according to data from PitchBook Inc.

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