SEOUL, March 28 — South Korean social media giant Kakao has reached a 40 per cent stake in K-pop agency SM Entertainment, the target said today, in a deal that left former bidder...
SEOUL, March 28 — South Korean social media giant Kakao has reached a 40 per cent stake in K-pop agency SM Entertainment, the target said today, in a deal that left former bidder HYBE stuck with more than half of its stake in SM.
But Kakao’s tender offer for a 35 per cent stake at 150,000 won per share attracted acceptances for more than double the targeted stake, forcing it to scale back allotments in proportion. It had bought its stake for 120,000 won per share, mostly from SM founder Lee Soo-man, who is considered the “godfather” of the K-pop industry.
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