Kakao Corp. (KOSE:A035720), and Kakao Entertainment Corp. made an offer to acquire a 35% stake in SM Entertainment Co., Ltd. (KOSDAQ:A041510) from Com2uS Corporation (KOSDAQ:A078340), HYBE Co., Ltd. (KOSE:A352820) and others for approximately KRW 1250 billion on March 7, 2023.

As per the terms, the offer price per share is KRW 150,000. Kakao will purchase maximum of 8,333,641 shares. The tender offer will end on March 26, 2023.

Hybe said on March 12, 2023 that it has decided to halt its bid to take over industry giant SM Entertainment in an agreement with Kakao Corp. The tech giant Kakao and its entertainment unit, Kakao Entertainment Corp., will have management control over SM Entertainment, while Hybe will cooperate with Kakao in the platform business.