SEOUL : Kakao Corp and its subsidiary Kakao Entertainment said on Tuesday they are tendering an offer to purchase up to 35 per cent of K-pop agency SM Entertainment, the latest in a battle with BTS-manager HYBE to take over SM.Kakao Corp and Kakao Entertainment are offering 150,000 won per SM share, seeki
SEOUL : Kakao Corp and its subsidiary Kakao Entertainment said on Tuesday they are tendering an offer to purchase up to 35 per cent of K-pop agency SM Entertainment, the latest in a battle with BTS-manager HYBE to take over SM.
"With the direction of the three companies's growth facing a threat, Kakao decided it is inevitable to secure the largest shareholder positon to protect the partnership with SM Entertainment," Kakao said in a statement. HYBE, the biggest K-pop label which manages boyband BTS, purchased a 14.8 per cent stake in SM from founder Lee Soo-man last month and acquired a further 0.98 per cent in SM through a tender offer despite initially seeking a further 25 per cent stake at 120,000 won per share.
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