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
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Should l Buy ?
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.
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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.
