A South Korean court on Friday granted an injunction filed by SM Entertainment founder Lee Soo-man against the acquisition of SM shares by Kakao Corp , Lee's lawyers said, potentially paving the way for SM's takeover by K-pop agency HYBE .
HYBE purchased a 14.8% stake in SM from founder Lee last month and sought to acquire up to 25% more shares through a tender offer to take management control of the agency, a move analysts say would help the BTS agency diversify revenue streams.Shares of SM closed up 1% at 129,200 won on Friday prior to the court ruling. The stock had been trading above HYBE's tender offer price of 120,000 won since the middle of last month amid a takeover battle between HYBE and an SM-Kakao alliance.
SM's current management have called the takeover attempt hostile and has sought to team up with Kakao to pursue various businesses.Reporting by Hyunsu Yim; editing by John Stonestreet, Robert Birsel and Susan Fenton
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