Breakingviews - SoftBank’s buyback is opportunistic and frivolous [Reuters]
SOFTBANK GRP UNSP/ADR (SFTBY)
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Source: Reuters
Breakingviews - SoftBank’s buyback is opportunistic and frivolous HONG KONG (Reuters Breakingviews) - Masayoshi Son’s frivolous tech bets have put investors on edge. A move by his $75 billion SoftBank Group to buy back up to 500 billion yen ($4.8 billion) of stock over the next year could do the same. The repurchase plan, announced on Friday, is partly a bow to Paul Singer’s pushy activist hedge fund Elliott Management, which has amassed a near-3% stake and wants it to buy back as much as $20 billion. In a plunging market, though, SoftBank could struggle to sell assets at decent prices, which would be the ideal way to fund the move. The timing of the buyback looks opportunistic. Prices have been plunging as the world struggles to slow the spread of the coronavirus. Japan’s benchmark Topix index has lost a quarter of its value since the beginning of February, and SoftBank’s shares have fallen 16% over the same period. Although lower prices might reduce the overall cost of the share pur
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