HYBE , manager of South Korean boy band BTS, announced a deal on Friday to buy a 14.8% stake in rival SM Entertainment from its founder, escalating a corporate battle between the godfather of K-pop and estranged management.
The former SM Chief Producer hasn't held any official role at SM for more than a decade but has also reportedly exerted a significant influence in managing and training SM's K-pop acts."We oppose all aggressive outside mergers and acquisitions including HYBE," SM said in a statement." fully agree with Lee’s strategic initiatives including metaverse, a multi-label system, and the sustainable vision campaign," HYBE Chairman Bang Si-Hyuk said in a statement.
Local activist fund Align Partners Capital Management , which owns around 1% of SM, said the offer price was too low and should be raised in light of SM's growth potential. Lee filed for a provisional injunction on Wednesday to block the sale of the stake to Kakao, saying the issuance of new shares to Kakao is "illegal" and is designed to weaken the position of the current largest shareholder.
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