As Hive and Kakao, which are competing for shares over the acquisition of SM Entertainment, are known to have had a surprise meeting, attention is focused on the possibility of an agreement.
It is known that Hive and Kakao met on the 10th to discuss issues related to the acquisition of SM.
While the possibility of an agreement not to compete for shares has been raised, both Hive and Kakao are cautious, saying ‘there is nothing to confirm at this time’.
An industry insider said that details of this seem to be still underway, and that if an agreement is reached, it may be announced before the stock market opens.
With SM’s share price more than doubling from a month ago, it seems that the two sides met in a flash as the possibility of suffering serious aftereffects, so-called ‘winner’s curse’, increased whoever took over SM.
Previously, Hive tried to make a public purchase of SM shares at 120,000 won per share last month, but failed as the stock price exceeded it.
Subsequently, Kakao also started a tender offer at 150,000 won per share, but the result is uncertain as the stock price fluctuates around 150,000 won.
SM stock prices, which have risen excessively, have no choice but to return to their original position once the outline of a winner is revealed.
YTN Lee Seung-eun ([email protected])
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