HYBE, the agency of K-pop acts BTS, Seventeen, TXT and ENHYPEN, has denied SM Entertainment management’s accusations that its entry into the company was a “hostile takeover.”
On Feb. 9, HYBE bought 3,523,420 common stocks of SM Entertainment owned by Lee Soo-man Lee, the largest shareholder of SM Entertainment, for 422.8 billion won . This gave HYBE a 14.8 percent stake in SM Entertainment to become the largest shareholder of the company. The expected acquisition date is on March 6.
During HYBE’s conference call, Park Ji-won denied this, saying the company’s entry into SM Entertainment is not a “hostile M&A [merger and acquisition].” Park Ji-won also said HYBE will also consider any business proposal from Kakao if this will benefit SM Entertainment under the assumption that it will not participate in the “business management.”
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