Elliott rebuilds stake in SoftBank and pushes for $15 bln buyback, FT reports
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 05 2024
0mins
Source: reuters
- SoftBank's Shares Surge: SoftBank Group's shares closed at a three-year high after activist investor Elliott Management rebuilt a stake worth over $2 billion.
- Elliott's Call for Share Buyback: Elliott is pushing for a $15 billion share buyback from SoftBank, engaging directly with senior management.
- Market Response: SoftBank's shares jumped more than 5% initially and ended the day up 4.6% at 9,420 yen, the highest in three years.
- Financial Position: SoftBank's financial position has improved significantly since 2022, with a strong market debut for Arm Holdings boosting its assets' value.
- Elliott's Activity in Japan: Elliott has been active in Japan, building stakes in companies like Mitsui Fudosan and Sumitomo Corp, following previous engagements with Dai Nippon Printing and Toshiba Corp.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
