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Market divided on SoftBank's response to Elliott's proposal

Some analysts skeptical of activist's 3% stake fueling more buybacks

The U.S. fund has met with SoftBank's top management, including CEO Masayoshi Son, as it pushes the Japanese group to up its game.

TOKYO -- SoftBank Group shares jumped on Friday after reports emerged that U.S. activist hedge fund Elliott Management has amassed a stake in the Japanese technology conglomerate. But analysts are divided on whether Elliott's investment will prompt more buybacks and changes in SoftBank's investment strategy.

SoftBank's Tokyo-listed stock price opened 8% stronger, at 5,107 yen ($46.50), its highest level in six months, before paring some gains in early trading. It closed at 5,064 yen.

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