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SoftBank Plans $4.8 Billion Buyback After Elliott’s Call

Masayoshi Son’s group will buy back up to 7% of its shares
The investor has argued SoftBank’s shares are undervalued

SoftBank to Buy Back up to 7% of Shares for 500 Billion Yen

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By Pavel Alpeyev

March 13, 2020 at 12:13 AM UTC

Updated on

March 13, 2020 at 4:27 PM UTC

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SoftBank Group Corp. plans to spend up to 500 billion yen ($4.8 billion) buying back as much as 7% of its shares, taking a step advocated by activist investor Elliott Management Corp. to boost stockholder value.

The re-purchases will run from March 16 through March 15, 2021 and the shares will be retired, the company said Friday. SoftBank’s shares fell despite the announcement, dropping as much as 9.2% along with the broad market decline.