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[Alpha Biz=(Chicago) Reporter Kim Jisun] HYBE tried to sell its stake by participating in Kakao's SM Entertainment (SM) stock tendering, but failed to sell even half of it due to soaring competition. "We are still discussing how to dispose of the remaining shares," HYBE said.

According to related industries on the 28th, Kakao conducted a public purchase of SM shares from the 7th to 26th of this month, which more than doubled its purchase target and completed the public purchase at a competition rate of 2.27 to 1. If you have applied for a 100 shares open purchase, you can only sell 44 shares. Subscription amounted to 80% of SM distribution stocks.

Earlier, HYBE announced on the 24th that it would sell 3,757,237 SM shares by participating in Kakao's open purchase. If the company had succeeded in selling all of its shares, it could have earned about 110 billion won in profits, but its profit was only 49.8 billion won as it sold only 44 percent of its shares.

We are discussing how to dispose of stocks that have not been sold. Currently, SM stock price is 90,000 won, far below HYBE's purchase price (120,000 won).

"We are discussing internally how to handle the remaining shares, so nothing has been decided yet," a HYBE official said.

 

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