Activist Paul Singer builds close to $3 billion stake in SoftBank
Legendary activist investor Paul Singer is taking on one of his most high-profile targets yet: Masayoshi Son.
Singer’s Elliott Management Corp. has built a stake of close to $3 billion in SoftBank Group Corp., according to people familiar with the matter. The New York-based hedge fund believes SoftBank is one of the world’s most undervalued companies and could easily finance a share buyback of as much as $20 billion by trimming investments in companies like Alibaba Group Holding Ltd., Sprint Corp. and others. SoftBank’s shares jumped as much as 8.2% in Tokyo, the biggest intraday advance since the announcement of a record buyback a year ago.
Source: The Economic Times