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S.Korea court accepts injunction against Kakao purchase of SM shares

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A South Korean court accepted on Friday an injunction filed by SM Entertainment founder Lee Soo-man against the acquisition of SM shares by Kakao Corp , blocking its bid to own a 9.05% stake in the K-pop agency, Lee's lawyer said.

The court's decision could help pave the way for HYBE

, the agency of K-Pop supergroup BTS, to take over SM, which has for years been one of the big three K-pop powerhouses. HYBE has already secured a 15.8% stake in SM and is seeking to acquire more shares through a tender offer bid. SM's current management have called the takeover attempt hostile and has sought to team up with Kakao to pursue various businesses.Reporting by Hyunsu Yim; editing by John Stonestreet, Robert Birsel

 

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