HYBE Discontinues Acquisition Process of SM Entertainment After Coming to Agreement with Kakao
HYBE Labels and Kakao have finally come to an agreement regarding their battle for management rights and control of SM Entertainment. HYBE and Kakao have now also agreed to "cooperate on platform-related matters" in the future.
Earlier HYBE had signed a deal with SM founder Lee Soo Man to acquire a 14.8 percent stake in the company, making them the largest shareholder. This came after Kakao's attempt to purchase a 9.05 percent stake in SM Entertainment by buying newly issues shares and convertible bonds which Lee Soo Man said was illegal. He took Kakao to court and request for an injunction was granted. Bang Si Hyuk Says It Was Not His ‘Personal Vision to Acquire SM Entertainment’ but Needed to Think About Things from a Perspective of the Company.
View Full Story Here:
(SocialLY brings you all the latest breaking news, viral trends and information from social media world, including Twitter, Instagram and Youtube. The above post is embeded directly from the user's social media account and LatestLY Staff may not have modified or edited the content body. The views and facts appearing in the social media post do not reflect the opinions of LatestLY, also LatestLY does not assume any responsibility or liability for the same.)