SFTBY - Elliott Management Rebuilds Significant Stake In Masayoshi Son's Softbank Pushes For $15B Share Buyback: Report | Benzinga
Elliott Management has reportedly re-established a significant stake in SoftBank (OTC:SFTBY)and is advocating for a $15 billion share buyback.
What Happened: The U.S.-based activist fund's position is valued at over $2 billion, the Financial Times reported on Wednesday. Elliott has been in direct discussions with SoftBank's senior management for the past two to three months, sources familiar with the matter revealed.
The fund’s move comes as the gap between SoftBank's asset value and its market valuation reaches unprecedented levels. SoftBank's shares surged by up to 5.5% in late trading in Tokyo on the news of Elliott's stakebuilding.
Elliott believes a $15 billion share buyback would immediately boost SoftBank’s share price and signal confidence in the strategy of its founder, Masayoshi Son. This marks Elliott's second major investment in SoftBank, following ...