Japanese conglomerate Softbank announced a share buyback programme worth 500 billion $5 billion on March 13, the first since Elliott Management, the US investment fund known for shareholder activism, acquired a near three percent position in early February. Softbank last repurchased shares worth 600 billion in February 2019.
While the $5 billion fell short of the $20 billion that Elliot Management had called for, Softbank was quick to emphasis this was a programme launched at its own discretion, rather than under any duress. “We Softbank decided on this policy for shareholder returns” Kenichi Yuasa, a SoftBank spokesman, said and reiterated by a Softbank executive speaking anonymously to Finance...
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