SoftBank to buy back up to $4.8 bn of shares after pressure from Elliott

Elliott, one of the world's most powerful activist investors, has amassed a holding of almost $3 billion in SoftBank

SoftBank Group Corp said on Friday it will buy back up to 7 per cent of its own shares for as much as 500 billion yen ($4.8 billion) - a decision that comes after activist investor Elliott Management pressed for $20 billion in stock buybacks.

A SoftBank spokeswoman said the company had decided to conduct the buyback of its own accord after considering the risk that current stock market volatility could increase the deep discount that SoftBank's stock has relative to the value of its holdings.

No fresh financing is planned for the buyback, the spokeswoman said.

The company said last month it