[Featured Stock] SM Hits Record High Following Kakao Tender Offer Announcement
SM Entertainment (SM) hit an intraday record high. This was influenced by Kakao and Kakao Entertainment's announcement that they would publicly tender to buy SM Entertainment shares at 150,000 KRW per share.
![[Featured Stock] SM Hits Record High Following Kakao Tender Offer Announcement](http://www.asiae.co.kr/news/img_view.htm?img=2023012508281792245_1674602897.jpg)
As of 9:31 a.m. on the 7th, SM was trading at 147,100 KRW, up 13.14% (17,100 KRW) from the previous day. During the session, the price rose to 147,800 KRW, setting a 52-week high.
Kakao and Kakao Entertainment announced before the market opened that from today until the 26th, they will publicly tender to buy shares of SM Entertainment held by minority shareholders at 150,000 KRW per share. This price is 25% higher than the 120,000 KRW per share offered by HYBE last month.
Kakao stated, "Currently holding a 4.9% stake in SM Entertainment, Kakao and Kakao Entertainment aim to acquire an additional 35% stake through the tender offer, securing a total of 39.9%."
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The scheduled settlement date for the tender offer is the 28th.
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