SEOUL : As the company behind K-pop royalty BTS seeks to build a big stake in a prominent rival for close to $900 million, a vocal activist fund is playing a leading role in the target's all-out efforts to stay independent.The fund, Align Partners, is fronting a media campaign against plans by HYBE, home
SEOUL : As the company behind K-pop royalty BTS seeks to build a big stake in a prominent rival for close to $900 million, a vocal activist fund is playing a leading role in the target's all-out efforts to stay independent.
"HYBE and SM together accounted for 52 per cent of record sales last year according to data from the Circle Chart," Align Partners CEO Lee Chang-hwan said in an interview, referring to South Korea's sales tracking agency. HYBE hasn't disclosed whether it intends to buy more of SM after the current tender offer. Taken together, the 40 per cent stake would cost HYBE about 1.137 trillion won under current plans - though SM shares traded above HYBE's tender offer price on Thursday.
Align's Lee said this would become a proxy fight, with SM's current executives wooing shareholders with plans to improve SM's sales and profitability.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Seoul court rules against plaintiffs in Japanese wartime labour caseThe ruling comes as South Korea seeks closer ties with Japan to counter North Korea. Read more at straitstimes.com.
Read more »
BTS’ Suga announces first solo tour including 2 shows in Singapore in JuneThe South Korean rapper and boybander will be performing on Jun 17 and 18 at the Singapore Indoor Stadium.
Read more »
BTS’ Suga and K-pop group NCT Dream to perform in SingaporeSEOUL – South Korean rapper Suga and K-pop group NCT Dream are coming to Singapore. Suga, of K-pop sensation BTS, is embarking on a solo world tour, Agust D Tour, which will include a stop in Singapore in June. The rapper was featured on South Korean singer Psy’s...
Read more »
China to resume issuing short-term visas for South KoreansSEOUL: China will resume issuing short-term visas for South Korean nationals on Feb 18, the Chinese embassy in Seoul said Wednesday (Feb 15). The move follows South Korea's decision last week to
Read more »
In South Korea, free subway rides for the elderly become a political headacheSEOUL: Every day, 71-year-old Park Gyung-sun delivers flowers, documents and other packages around Seoul - a job popular among senior citizens who are entitled to ride the city's subways for free. The work, dubbed 'silver delivery' in South Korea, earns Park, a former market stall owner, up to 700,000 won
Read more »
#trending: BTS fans accuse Bangladeshi artistes of plagiarising South Korean band leader RM’s Wild Flower music videoThe BTS fandom, known as ARMY, is accusing Bangladeshi singers Shusmita Anis and Tahsan Khan of blatantly copying multiple scenes from RM's Wild Flower music video in their music video for the song Harai Bohodur.
Read more »