Investment firm Elliott Management has rebuilt its position in Japanese conglomerate SoftBank and is pushing the Masayoshi Son-led firm to begin a $15 billion share buyback, according to a person familiar with the matter.
The news, first reported by the Financial Times, sent SoftBank shares up as much as 6.3%.
SoftBank shares have surged in recent months largely off the back of its Arm investment.
SoftBank's Japanese shares trade at their highest level in decades.
SoftBank launched a $20 billion share buyback and asset disposal program in 2020 during Elliott's initial campaign.
Persons:
Son, Elliott, SoftBank, Elliot, Nabeel Bhanji, unfriendliness, WeWork
Organizations:
SoftBank Group Corp, University of Tokyo, Investment, Elliott Management, Financial Times, Tokyo Stock Exchange, Mitsubishi Fudosan, Toshiba, Dai Nippon Printing, Vision
Locations:
Tokyo, Japan, SoftBank, China