In a statement issued on March 12, HYBE said “it will discontinue the acquisition process of SM Entertainment as of March 12.”“HYBE made this decision after observing that the market has been showing signs of overheating due to competition with both Kakao and Kakao Entertainment. The company has also taken into account the potential negative impact on HYBE's shareholder value,” it said.
However, Kakao has countered HYBE’s moves by offering a higher price to acquire SM Entertainment shares. “However, HYBE determined that the price of acquiring SM exceeded the fair acquisition price range as the competition with both Kakao and Kakao Entertainment intensified. HYBE contemplated the possibility that this acquisition, along with the tender offer, may harm shareholder value, and fuel overheating of the market, in making the decision,” it said.
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