SoftBank shares soar 7% after a report mentioned privatization is being thought of
Masayoshi Son, Corp. chief executive officer, speaks during a joint announcement with Toyota Motor Corp. about a new company developing mobility services in Tokyo, Japan on October 4, 2018.
Alessandro Di Ciommo | NurPhoto | Getty Images
LONDON – SoftBank shares rose as much as 7% on Wednesday after Bloomberg reported, citing people familiar with the matter, that the Japanese tech fund was considering going private.
The company's share price rose from 7,070 Japanese yen (US $ 67.91) at the start of trading to 7,543 yen at 1:10 pm. Local time on the Tokyo Stock Exchange according to Reuters. The meeting closed around 5.6%.
According to the Bloomberg report, SoftBank is debating a new strategy to go private. The strategy envisages the gradual repurchase of outstanding shares until the founder and managing director Masayoshi Son has a sufficiently large stake to eliminate the remaining investors.
SoftBank did not immediately respond to a CNBC request for comment. The rise in SoftBank stock came in the hours immediately following Bloomberg's report.
SoftBank's market value was 15.65 trillion yen, or around $ 150 billion.