March 13, 2020 / 4:19 PM / 4 months ago

Activist fund Elliott backs SoftBank's $4.8 billion buyback plan

FILE PHOTO: People walk behind the logo of SoftBank Corp in Tokyo December 18, 2014. REUTERS/Toru Hanai/File Photo

(Reuters) - Activist investor Elliott Management said on Friday it supports SoftBank Group Corp’s (9984.T) latest move to buy back up to $4.8 billion of its shares.

Elliott also said SoftBank would have opportunities to pursue additional buybacks following the completion of the merger between Sprint (S.N) and T-Mobile (TMUS.O).

Earlier on Friday, SoftBank announced a plan to repurchase up to 7% of its shares as the Japanese tech conglomerate’s shares have tumbled by about a quarter in March.

Reporting by Bharath Manjesh in Bengaluru; Editing by Arun Koyyur

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