It was reported that SM Entertainment founder Lee Soo Man has sold all of his remaining shares of SM Entertainment to HYBE.
On the 28th, HYBE announced that it would acquire an additional 868,948 shares (3.68%) of SM Entertainment (hereinafter referred to as SM) for 104.273 billion won.
The acquisition price per share is 120,000 won, which is about 50% higher than the closing price of 79,500 won on the 28th.
Lee Soo Man sold all of his 3.64% stake in SM to HYBE. With this sale of shares, he has completely ended his relationship with SM.
With this acquisition, HYBE's stake in SM increases to 12.6%. The expected date for stock acquisition is March 7.
Hive's additional acquisition of shares is due to a share transfer agreement signed with Lee Soo-man, SM founder and former general producer, when Hive entered the SM acquisition battle in February last year.
At the time, Hive acquired a 14.8% stake of Soo-man Lee, who was the majority shareholder of SM, for KRW 422.8 billion, and granted a put option (right to purchase shares) allowing Lee Soo-man to sell the remaining shares to Hive for 120,000 won per share.