SoftBank to raise $41 billion to expand share buyback, cut debt [MSNBC.com]
SOFTBANK GRP UNSP/ADR (SFTBY)
NASDAQ:AMEX Investor Relations:
softbank.jp/en/corp/irinfo/presentations
Company Research
Source: MSNBC.com
. Chairman and Chief Executive Officer Masayoshi Son speaks during a press conference on November 6, 2019 in Tokyo, Japan. Tomohiro Ohsumi | Getty Images The buyback tops the $20 billion in purchases sought by activist hedge fund Elliott Management, which has put pressure on SoftBank to improve shareholder returns, and will see the company retire 45% of its shares. The asset sales come during a growing financial squeeze on SoftBank and its $100 billion Vision Fund, which has recorded two consecutive quarters of losses as its tech bets fall short, with global economic growth sputtering due to the coronavirus pandemic. SoftBank did not specify what would be sold. SoftBank's share price has been hammered by investor skepticism over the outlook for CEO Masayoshi Son's bets on startups like WeWork and Uber Its plans to fund the initial 500 billion yen buyback with debt was received negatively by analysts and investors who were concerned by Son's willingness to leverage the company. Beyon
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