South Korean music label HYBE , manager of boy band BTS, said on Friday it aimed to sell its entire 15.8% stake in K-pop pioneer SM Entertainment for 564 billion won ($437 million) by accepting a tender offer from bidder Kakao.
The decision marked a formal end to a takeover battle between HYBE and social media giant Kakao Corp
Kakao, which has big expansion plans in the entertainment industry, launched a tender offer for SM earlier this month to acquire up to 35% at 150,000 won per share after HYBE's 120,000 won offer failed to win enough investor support.
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