1 Activist Investor Wants SoftBank to Repurchase Up to $20 Billion of Its Own Stock
Shares of SoftBank Group (OTC: SFTBY), a Japanese telecommunications company, soared on Thursday. The stock climbed about 10%.
The stock's rise follows news that activist investor Paul Singer has been accumulating massive amounts of SoftBank stock via his investment firm Elliott Management. Elliott has accumulated $2.5 billion worth of SoftBank stock and has met with SoftBank founder Masayoshi Son to discuss ways to boost shareholder value, according to a report from The Wall Street Journal on Thursday.
"Elliott has engaged privately with SoftBank's leadership and is working constructively on solutions to help SoftBank materially and sustainably reduce its discount to intrinsic value," an Elliott spokeswoman told The Journal. Further, in a statement to media, SoftBank acknowledged that it does believe its shares "are deeply undervalued by public investors."
Source Fool.com
