Breaking: HYBE Announces Withdrawal From SM Acquisition After Coming To Agreement With Kakao
HYBE has announced that it “will discontinue the acquisition process of SM Entertainment.”
With SM Entertainment legally banned from issuing new shares or convertible bonds to Kakao, the conglomerate moved on to attempting to buy shares from existing stockholders instead. Earlier this week, Kakao made a newto SM Entertainment shareholders at a higher price than what was recently offered by HYBE.
According to a press release, HYBE “made this decision after observing that the market has been showing signs of overheating due to competition with both Kakao and Kakao Entertainment.”
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