SoftBank, rattled by a plunge in its stock price, will sell up to $41 billion in assets so it can buy back shares and redeem debt
By Kosaku Narioka March 23, 2020 2:28 am ET SoftBank 9984 18.61% Group Corp. said it planned to sell up to ¥4.5 trillion of its assets to buy back shares and redeem debt, in an unprecedented move to combat the tumbling price of its stocks and bonds.
The Japanese technology and investment company said it would use the balance of the funds it raised for paying back debt and increasing cash reserves. SoftBank said its shares were substantially undervalued. They had fallen more than 50% from the year’s high in February before gaining 19% following the announcement Monday. The shares rose by their daily limit.
Elliott Management Corp., which had recently built a $2.5 billion stake in the Japanese tech giant, was pushing for as much as $20 billion in share purchases, The Wall Street Journal has reported.
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