Lee Soo Man has sold all of his shares in SM Entertainment.
On the 28th of February, HYBE announced that it would acquire an additional 869,948 shares (3.68%) of SM Entertainment (hereinafter SM) stock for 104.273 billion won.
The acquisition price per share is 120,000 won, which is approximately 50% higher than the closing price of 79,500 won on the 28th.
Lee Soo Man has sold all of his 3.64% stake in SM to HYBE. This sale effectively ends his relationship with SM.
With this acquisition, HYBE’s stake in SM will be 12.6%. The scheduled date for the stock acquisition is March 7th.
HYBE’s additional share acquisition is due to a contract made last February when HYBE entered into an agreement with Lee Soo Man, the founder and former executive producer of SM, before the SM acquisition.
At that time, HYBE acquired 14.8% of Lee Soo Man’s shares in SM for 422.8 billion won and also granted him put options (stock purchase rights) to sell the remaining shares to HYBE at 120,000 won per share.
Source: A
