I think it would be a merger of equals type structure so the valuation stays academic vs. a buyout. You are correct but just to add a bit more about the board,

I think it would be a merger of equals type structure so the valuation stays academic vs. a buyout. You are correct but just to add a bit more about the board, they are pretty much the largest investors. If you look at CrunchBase other than the black female they tacked on in late 2016, it's mostly VCs, PE, and Saudis SW fund on the board. Kalanick had "controlling" shares and provisions but ultimately either through the board or indirectly, if you're not profitable (or not profitable enough) large shareholders control your fate, even if on paper they dont