Kakao launches tender offer bid to acquire 35% stake in SM Entertainment

SM Entertainment Co

06/03/2023 22:57

SEOUL, March 7 (Reuters) - Kakao Corp  035720.KS  and
its subsidiary Kakao Entertainment have tendered an offer to
purchase up to a 35% stake in K-pop agency SM Entertainment
 041510.KQ , according to a regulatory filing on Tuesday.
    The two companies seek to own half of the stake between each
other in a decision that will strengthen the strategic
partnership with SM, the regulatory filing said.
    The announcement comes after HYBE, another K-pop label,
acquired just a further 0.98% in SM through a tender offer last
month despite initially seeking a 25% stake.

 (Reporting by Hyunsu Yim
Editing by Chris Reese)
 ((Hyunsu.Yim@thomsonreuters.com;))