 |
(Photo = SM entertainment) |
[Alpha Biz= Reporter Kim Sangjin] On the 28th, both companies' stock prices closed lower as HYBE disposed of a large portion of its shares in Entertainment. On the KOSDAQ market, SM closed 5.32% lower at 97,000 won from the previous day. Consequently, on the KOSPI market, HYBE's stock price also dropped by 1.72% to 200,000 won.
Before the market opened, HYBE announced, "For the efficient management of investment assets, we will sell 755,522 shares of SM stock through pre-market block deals." The total amount was 68.39 billion won, equivalent to 2.2% of HYBE's equity. Following the sale, HYBE's ownership stake in SM decreased from 14.8% (as of March 28) to 9.38%.
Last year, during the acquisition battle between Kakao and SM, HYBE secured a 14.8% stake from Lee Soo-man, the founder of SM, and an additional 0.98% through a public tender offer. Later, as the situation tilted towards Kakao, HYBE responded to Kakao's public tender offer, reducing its holding to 8.81% (as of September 30 last year). However, earlier this year, Lee Soo-man exercised his put options (stock purchase rights), leading to an increase in HYBE's stake once again.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
