A tender offer is not a round. Most tender offers for stock (common or preferred) in illiquid companies are at a discount to new preferred stock from the most r

A tender offer is not a round. Most tender offers for stock (common or preferred) in illiquid companies are at a discount to new preferred stock from the most recent round. This happened with multiple other companies like Facebook and AirBnB, so I don't see why in the case of Uber that anyone who is informed can conclude that it was a down round.