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Posted by Solim-Yoon Thursday, March 23, 2023

HYBE sells off 19.43% of its shares in SM Entertainment to Kakao at ~$437 million USD

AKP STAFF

It has been reported on March 24 KST that HYBE Labels has officially sold off 19.43% of SM Entertainment's shares to Kakao at 564 billion KRW (~ $437 million USD), participating in Kakao's public takeover bid.

Initially, HYBE purchased 14.8% of SM Entertainment's shares from former producer Lee Soo Man at 120,000 KRW per share. Then, after reaching a business agreement on March 12, Kakao proceeded with a tender offer at 150,000 KRW. 

It's believe by selling off its shares in SM Entertainment, HYBE has successfully procured a profit of approximately 112.7 billion KRW (~ $87.4 million USD).

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MrsQueen
MrsQueen6,896 pts Thursday, March 23, 2023 7
Thursday, March 23, 2023

Man made $87 millions profit just in a month..

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mike2427
mike2427516 pts Thursday, March 23, 2023 15
Thursday, March 23, 2023

So they didn't want hybe to takeover so......... they got another company to basically take over even more of their shares and now they have even less control noow that one company has the majority rule so what they say goes.....sounds even worse now lol. Good luck to them.

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