As the stock price of SM Entertainment exceeded 150,000 won ($113, Kakao’s tender offer is also put on hold following HYBE’s.
On March 8, on the KOSDAQ market, SM closed at 158,500 won ($120), up 5.88% from the previous day. The stock price, which started at 154,100 won ($116) on the same day, rose to 161,200 won ($22) at one point during the day, breaking its highest price since its listing.
Expectations that HYBE will make a public purchase at a higher price than Kakao are believed to be raising SM stock prices. Recently, some media reported that HYBE is considering securing a 25% stake in SM for 180,000 won ($136) per share.
From the second day of the tender offer, Kakao’s plan to secure a 35% stake in SM also turned on a red light as its stock price exceeded the tender offer price.
HYBE, which bought SM shares publicly until February 28, also failed to make a tender offer as SM shares exceeded the tender price of 120,000 won. HYBE, which aimed to secure up to 25% of SM shares through a tender offer, secured only 0.98%.
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