HYBE Co Ltd , the agency representing top-selling South Korean boy band BTS, withdrew its plan to take control of SM Entertainment Co Ltd , the company said on Sunday.
The move is seen as ending a weeks-long takeover battle between HYBE and social media giant Kakao CorpHYBE said its decision to halt the takeover bid came after the stock market had been showing "signs of overheating due to competition."a 1.
25 trillion won tender bid for up to 35% of SM Entertainment at 150,000 won per share, well above the 120,000 won per share offer from HYBE for a 25% stake that gained little traction with shareholders.HYBE and Kakao agreed to cooperate on matters related to their platforms, HYBE added.
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