SoftBank To Buy Back $4.8B Worth Of Shares After Push From Elliott

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SoftBank Group Corp. (OTC: SFTBY) has said its Board of Directors has decided to buy back 7% of total shares, excluding treasury stock, worth $4.8 billion (500 billion yen).

What Happened

SoftBank will repurchase 7% of its total stock in a second major buyback after coming under pressure from activist shareholders Elliott Management Corp., which had raised its stake in the group by $2.5 billion in February. Last year SoftBank repurchased 600 billion yen or $5.5 billion worth of shares.

Elliot had been pushing SoftBank to repurchase $10 billion …

Full story available on Benzinga.com

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