S.Korea court accepts injunction against Kakao purchase of SM shares (updated)

SM Entertainment Co

03/03/2023 09:54

(Adds details)
       SEOUL, March 3 (Reuters) - A South Korean court accepted
on Friday an injunction filed by SM Entertainment  041510.KQ 
founder Lee Soo-man against the acquisition of SM shares by
Kakao Corp  035720.KS , blocking its bid to own a 9.05% stake in
the K-pop agency, Lee's lawyer said.
    The court's decision could help pave the way for HYBE
 352820.KS , the agency of K-Pop supergroup BTS, to take over
SM, which has for years been one of the big three K-pop
powerhouses.
    HYBE has already secured a 15.8% stake in SM and is seeking
to acquire more shares through a tender offer bid.
    SM's current management have called the takeover attempt
hostile and has sought to team up with Kakao to pursue various
businesses.
    SM and Kakao did not immediately reply to requests from
Reuters for comment.

 (Reporting by Hyunsu Yim; editing by John Stonestreet, Robert
Birsel)
 ((Hyunsu.Yim@thomsonreuters.com;))