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[Alpha Biz=(Chicago) Reporter Paul Lee] Amid intensifying disputes over SM Entertainment's management rights, Kakao's recent rise to the second-largest shareholder is drawing attention.
Earlier, SM management held an emergency board meeting on the 7th and decided to issue new shares and convertible bonds to Kakao in a third-party way, and Kakao became the second-largest shareholder with a 9.05% stake.
Lee then filed an injunction banning the issuance of third-party new shares and convertible bonds, and SM and Hive, the same company, reached out to Lee and said they would acquire SM through an open purchase, creating a conflict between SM management and Kakao.
As a result, the entertainment industry and the market are paying keen attention to Kakao's move, which has maintained its position that it is not officially interested in acquiring SM and has focused only on strengthening its content business.
Kakao is still drawing a clear line, saying, "It has nothing to do with the management dispute," and "There is no plan to secure additional shares."
A Kakao official said, "The paid-in capital increase is the result of long-term discussions between the two companies on synergy and business cooperation," adding, "It has nothing to do with the SM Entertainment management dispute."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
