Investment firm Elliott Management has rebuilt its position in Japanese conglomerate SoftBank and is pushing the Masayoshi Son-led firm to begin a $15 billion share buyback, according to a person familiar with the matter.

SoftBank, the majority shareholder of chip design firm Arm, has made a name for itself through its Vision Funds but trades at a steep discount to its book value, or the value of its assets and investments.

The news, first reported by the Financial Times, sent SoftBank shares up as much as 6.3%.

Elliot has a roughly $2 billion economic interest in SoftBank, according to the person. SoftBank’s market capitalization is about ¥13.85 trillion, or $88 billion following the surge.

The engagement is being led by partner Nabeel Bhanji, who also led Elliott’s previous push at SoftBank, the person said, adding that Elliott has engaged with SoftBank leadership in the past few months.

Source: REUTER