SoftBank Unveils $3.4 Billion Buyback After Elliott Builds Stake

SoftBank Group Corp. announced a buyback worth up to ¥500 billion ($3.4 billion), following a month of sharp selloffs and pressure from activist investor Elliott Investment Managementto bolster its stock price.

The Tokyo-based technology investor plans to buy up to 6.8% of its free-floating outstanding shares in the year to August, according to a release Wednesday. The announcement comes after Elliott built a sizable stake in SoftBank this year and had pushed for a $15 billion buyback, people familiar with the matter said in June.

Read more: Elliott Amasses SoftBank Stake, Wants a $15 Billion Buyback

The outlay would ...