TOKYO (Reuters) – SoftBank Group Corp (9984.T) is buying back up to $4.8 billion of its shares after their recent slump, a move that partially met the demand of activist fund Elliott but failed to soothe investors panicking from the coronavirus pandemic.
FILE PHOTO: People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo
The plan to buy back up to 7% of its shares for as much as 500 billion yen ($4.8 billion) announced by SoftBank on Friday comes as the Japanese investment group’s shares have tumbled by about a quarter just in March.
It also comes after Elliott Management pressed SoftBank earlier this year for $20 billion in stock buybacks by selling down its stake in Chinese e-commerce giant Alibaba (BABA.N).
A SoftBank spokeswoman said the company had decided to conduct the buyback of its own accord after considering the risk that current stock market volatility could increase the deep discount that SoftBank’s stock has…
Source Reuters Tech News
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