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SoftBank shares tumble despite $4.7bn buyback

Boosting shareholder return responds to activist proposal but fails to stem sell-off

SoftBank CEO Masayoshi Son: The massive stock buyback will try to shore up the conglomerate's tumbling share price. (Photo by Ken Kobayashi)

TOKYO -- SoftBank Group on Friday announced a 500 billion yen ($4.7 billion) stock buyback program as it tries to halt its share price decline and quiet pressure from an activist investor.

SoftBank will buy up to 145 million shares, or 7% of its outstanding shares, it said in a filing shortly after trading began in Tokyo on Friday. The buyback program will start on Monday.

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