SoftBank to buyback $3.4 bn worth shares amid pressure from investors
Japanese technology investor SoftBank Group said on Wednesday it plans to buy back a hefty $3.4 billion of its shares, an action called for by shareholders including Elliott Management to bolster its stock price.
The logic for Masayoshi Son’s tech behemoth to purchase its own shares has grown as its market capitalisation is far less than the value of its portfolio assets. The impetus comes at a time when SoftBank has been seeking to take a bigger role in artificial intelligence – albeit with a much more cautious investment stance than in the past after a period of rebuilding its finances.
