HYBE aims to sell its entire 15.8% stake in SM Entertainment by accepting a tender offer from bidder Kakao, marking the end of the takeover battle.
SEOUL, South Korea – South Korean music label HYBE, manager of boy band BTS, said on Friday, March 24 it aimed to sell its entire 15.8% stake in K-pop pioneer SM Entertainment for 564 billion won by accepting a tender offer from bidder Kakao.
Kakao, which has big expansion plans in the entertainment industry, launched a tender offer for SM earlier this month to acquire up to 35% at 150,000 won per share after HYBE’s 120,000 won offer failed to win enough investor support. HYBE plans a substantial number of acquisitions and investments this year as the K-pop giant looks to boost its US presence, Bang added.
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