Kakao offers to buy 35% of K-Pop label SM to fend off Hybe

Kakao and its entertainment unit, Kakao Entertainment, are offering to buy up to a 35% stake in SM for 150,000 won (RM515) per share, with the total value of the offer about 1.25 trillion won (RM4.3bil).

SEOUL: Kakao Corp, South Korea’s Internet giant, is launching a tender offer to become the largest shareholder at SM Entertainment Co, escalating a battle for control of the K-pop label with entertainment powerhouse Hybe Co.

Kakao and its entertainment unit, Kakao Entertainment Corp, are offering to buy up to a 35% stake in SM for 150,000 won (RM515) per share, with the total value of the offer about 1.25 trillion won (RM4.3bil).