It’s official: HYBE has inked a cope with SM Leisure founder Lee Soo Man that may make it the most important shareholder of the corporate.
On February 10, HYBE was formally confirmed to be buying a 14.8 p.c stake of SM Leisure from Lee Soo Man for 422.8 billion gained (roughly $334.3 million).
Earlier than the deal, Lee Soo Man possessed an 18.46 p.c stake in SM Leisure, making him the corporate’s high shareholder. Earlier this week, Kakao turned the second-largest shareholder after buying a 9.05 p.c stake within the firm: a transfer that Lee Soo Man denounced as unlawful—and towards which he takes authorized motion.
Final week, SM Leisure’s present CEO Lee Sung Soo (who’s Lee Soo Man’s nephew) and COO Tak Younger Jun introduced their imaginative and prescient for a newly restructured “SM 3.0,” which concerned reducing ties with SM Leisure’s longtime producer Lee Soo Man. Just a few days later, Kakao acquired its stake within the firm. Lee Soo Man then flew again to Korea and declared that he can be taking authorized motion towards SM Leisure for violating the Business Act by illegally issuing new shares of the corporate and convertible bonds with out the settlement of the highest shareholder (Lee Soo Man) throughout a administration dispute.
Exterior of its cope with Lee Soo Man, HYBE has additionally introduced that it plans to accumulate further shares of SM Leisure from minority shareholders, which is able to additional enhance its stake within the firm.
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