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According to reports cocoa and move has decided to stop the chicken game about takeovers SM Entertainment.
According to news from the financial world on March 11, Kakao and HYBE reached an agreement on March 10. The two have been vying to become SM Entertainment’s largest shareholder before Maher’s shareholders’ meeting on the 31st. The details of the agreement are unclear, but the companies have reportedly reached an agreement that neither should be the single largest shareholder.
Meanwhile, Kakao and HYBE have been playing a cockfight for SM Entertainment’s stock. Kakao fails when HYBE fails to buy 25% of SM Announced on March 7 It will offer to buy a 35% stake in SM Entertainment for 150,000 won ($114.45) by March 26.
It looks like they’re both already set, and this kind of competition doesn’t do them any good. The industry has warned of a winner’s curse, and the Financial Supervisory Authority is keeping a close eye on their deals to ensure there is no market manipulation in takeover bids. Additionally, the labels have been criticized for ignoring the concerns of K-Pop fans.
Stay tuned for the latest news on the acquisition.
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