SoftBank has laid out plans to buy back up to ￥500bn ($3.4bn) of its own shares after a market rout that hammered Japanese stocks and following pressure from activist investors.
The Japanese conglomerate founded by Masayoshi Son said on Wednesday it would repurchase as much as 6.8 per cent of its shares as it unveiled a first-quarter loss of ￥174bn, or $1.2bn.
SoftBank’s buyback news comes two months after the Financial Times revealed that activist investor Elliott had rebuilt a stake of more than $2bn in the group and was pushing for a near-term $15bn capital return programme.
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