The SM Entertainment takeover battle, which has been going on for over a month, has come to an end. We reported that Kakao and Hive, which had been fiercely opposed, had a recent meeting, and an agreement was reached in a blitzkrieg. Kakao will hold the management rights, and Hive will cooperate on the platform.
Reporter Lee Ju-sang reports.
Kakao and Hive sat down at the negotiating table two days ago (10th).
This is due to the burning gaze inside and outside that they are playing a money game to acquire SM Entertainment and the sense of crisis that it may lead to infinite competition.
On the third day of negotiations, the two companies reached an agreement.
Hive, which was one step ahead in the takeover battle, announced the suspension of the acquisition process.
Management rights are held by Kakao, and Hive is a platform cooperator.
[Yohan Kim/Kakao PR Department: We plan to proceed with the tender offer scheduled for the 3th as planned, secure additional shares at the level of 26%, and materialize business cooperation with Hive and SM Entertainment.]
It comes just over one month after Kakao announced that it would secure a stake in SM through the issuance of new shares and convertible bonds.
SM's stock price was 40,1 won, up about 147% from before the 800rd of last month, when the management dispute was in full swing.
Since securing control of Kakao, both sides have been sparing words about Hive's status and role.
Hive acquired a 3.66% stake from Lee Suman and has since bought just over 14%.
In addition, there is no specific explanation of what kind of relationship the two sides mean by platform cooperation.
After being swung between the two dinosaurs for more than a month, SM was left with the task of dispelling the concerns of its artists and employees and dispelling the concerns of its fans.
(Video editing : Shin Se-eun, CG : Lee Joon-ho)
SM Enter Acquisition Finalised...'Management Rights' to Kakao
The SM Entertainment takeover battle, which has been going on for over a month, has come to an end. We reported that Kakao and Hive, which had been fiercely opposed, had a recent meeting, and an agreement was reached in a blitzkrieg.