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SoftBank buys back 7% of its shares

SoftBank buys back 7% of its shares

The re-purchases will run from March 16 through March 15, 2021

Stocks impacted: SoftBank Group Corp. (9984)

The Japanese firm plans to spend up to 4.8 billion buying back as much as 7% of its shares. The step was advocated by activist investor Elliott Management, which argued SoftBank’s shares were substantially undervalued. The company’s CEO Masayoshi Son said SoftBank’s shares may be worth more than double the current prices. SoftBank shares closed 5% lower today as Japanese stocks saw their worst week since the financial crisis of 2008 amid concerns over the economic impact of the coronavirus outbreak. Early last year, when SoftBank announced a record buyback, its share jumped to its highest level since 2000.

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