Kakao Cancels SM Entertainment Investment After Court Order

Lee Soo-man, founder and chief producer of SM Entertainment speaks during at South Korean and Mongolian business leaders in Seoul at Grand Hyatt Hotel on Feb. 14, 2023 in Seoul, South Korea.HYBE’s plan to control competing K-pop company SM Entertainment and thwart a partnership with tech company Kakao took another step forward on Monday when Kakao, responding to a court injunction, announced it had canceled its stock purchase agreement to acquire a 9.05% stake in SM Entertainment.

With the injunction in place, HYBE also called for SM to exercise its right to withdraw the recommendation of the director candidate nominated by Kakao. SM had put forwardSM and HYBE are pushing competing visions for SM’s future before shareholders vote on a new board of directors at SM’s annual general meeting on March 31.

HYBE calls an SM-Kakao tie-up an “unfair partnership” that would give Kakao permanent and exclusive rights to distribute SM’s music, protect SM’s equity at the expense of other shareholders and create conflict of interests that favor Kakao. “We believe that these details demonstrate the bias and irrationality of the current SM management who approved such arrangements,”

España Últimas Noticias, España Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Biden expected to tighten rules on US investment in ChinaIt’s part of an effort to limit China’s ability to acquire advanced technologies that officials worry could improve Beijing’s military prowess, said a U.S. official. No need. They already have plants here and most will sell out this country for the $
Fuente: ladailynews - 🏆 332. / 59 Leer más »

US Treasury puts cost of outbound investment risk program at $10 millionA program to address the risks of outbound U.S. investment in areas with sensitive technology potentially harmful to national security would cost $10 million if set up this fiscal year, according to a U.S. Treasury Department report obtained by Reuters. 🌸
Fuente: Reuters - 🏆 2. / 97 Leer más »