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[BREAKING] HYBE suspends SMEntertainment acquisition after coming to agreement with Kakao
The statement, released on March 12 KST, has the company announcing that they have suspended the SM Entertainment takeover process as of that day. It reads as follows:
HYBE set an appropriate acquisition price range that considered the tangible and intangible costs that could arise in SM's post-merger integration from a mid-to-long-term perspective, acquiring the shares of former general producer Lee Soo Man, and conducting a tender offer.
Due to this situation, discussions with Kakao recently took place, and the two companies reached a sweeping agreement. HYBE agreed to suspend the process of taking over management rights from SM, and at the same time reached an agreement on ways to cooperate regarding platforms between the two companies.
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