for a 35% stake in SM. That easily trumped HYBE’s open market offer of KRW120,000 to buy a further 25% of SM’s shares and drove SM’s share price to a new high of KRW147,800 at the close of trading on Friday.
In its own statement, Kakao said that it will continue to buy SM shares through March 26 as planned under its tender offer. The moves would appear to give Kakao management control at SM, leaving HYBE with an unspecified deal to co-operate with a Kakao-controlled SM in “platforms” or online business. HYBE controls Weverse the powerful fan platform that is used by BTS and other acts.
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