HYBE’s SM Entertainment tender offer flops

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HYBE’s SM Entertainment tender offer flops

HYBE's headquarters in Yongsan, central Seoul [YONHAP]

HYBE's headquarters in Yongsan, central Seoul [YONHAP]

 
HYBE purchased another 0.98 percent of SM Entertainment in a tender offer in which it was seeking to acquire an additional 25 percent of the company's shares.
 
It now owns 15.78 percent of the agency, far short of its 40 percent goal.  
 
HYBE was offering 120,000 won ($92.40) a share in the tender, which ended March 1.
 
SM Entertainment shares climbed 0.7 percent to close at 130,100 won on Monday.
 
HYBE had bought 14.8 percent of SM Entertainment from its founder Lee Soo-man for 422.8 billion won last month.
 
Last week, Galaxia SM, a sports marketing and management company, sold 233,813 shares of SM Entertainment for 23.1 billion won, according to a disclosure.
 
The total number of shares purchased by HYBE at the tender offer was 233,817.
 
“The figure fell short of our expectations,” HYBE said. “The purchase will be made in cash.”
 
 
 

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]
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