SEOUL : South Korean tech group Kakao launched a 1.25 trillion won ($962 million) offer for K-pop agency SM Entertainment on Tuesday, escalating a takeover battle with BTS manager HYBE, whose proposal did not win enough support from SM investors.The offer sent SM shares up 14 per cent to 148,500 won on Tu
SEOUL : South Korean tech group Kakao launched a 1.25 trillion won offer for K-pop agency SM Entertainment on Tuesday, escalating a takeover battle with BTS manager HYBE, whose proposal did not win enough support from SM investors.
The offer by Kakao Corp and its subsidiary Kakao Entertainment comes after a court accepted a request by SM's founder and biggest shareholder Lee Soo-man to block Kakao's earlier deal with SM, which would have made Kakao the second-largest shareholder of the entertainment group. HYBE, which outgrew SM in recent years thanks to boy band BTS's global success, planned to purchase an additional 25 per cent of SM through a tender offer. But investors did not support its 120,000 won per share offer in light of an expected rival offer from Kakao.
"Kakao decided it is inevitable to secure the largest shareholder position to protect the partnership with SM Entertainment," Kakao said in a statement.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kakao ups the ante in battle to take over K-pop agency SMSEOUL : 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
Read more »
South Korea announces plan to compensate victims of Japan wartime forced labourSEOUL — South Korea said on Monday (March 6) that its companies would compensate people forced to work under Japan's 1910-1945 occupation of Korea, in a bid to improve poor relations that have impeded trade and co-operation between the two countries. The proposal was welcomed in Tokyo but faced immediate backlash from some victims and South Korea's main opposition party,...
Read more »
South Korea, Japan said to be near landmark deal on wartime labour disputeSEOUL - South Korea and Japan may be near resolving a dispute over colonial-era forced labour that has overshadowed political and trade relations between the two neighbours, with media reports saying Seoul could announce plans on Monday. The South Korean government plans to announce on Monday morning its solution to the historical and legal dispute over compensating people forced to...
Read more »
As South Korea’s school enrolments shrink, country woos foreign students including SingaporeansA total of 1,300 post-grad scholarships are available this year, including 31 set aside for Singaporeans. Read more at straitstimes.com.
Read more »
Woman stabs passengers on South Korea train after being called ‘ajumma’While “ajumma” casually refers to a middle-aged woman, it has grown to have negative connotations. Read more at straitstimes.com.
Read more »