[Featured Stock] SM, After Tender Offer Ends, Drops Over 10% in Early Trading
SM's stock price fell more than 10% during the trading session.
As of 10:08 AM on the 27th, SM shares were trading at 95,800 KRW, down 11,400 KRW (10.63%) from the previous trading day.
Meanwhile, Kakao received more than twice the target amount of shares in its tender offer to acquire management rights of SM.
Due to the oversubscription, shareholders participating in the tender offer will be able to sell only 44% of their applied shares at the tender offer price, while the remaining 56% must be retained.
According to Korea Investment & Securities, Kakao's tender offer to purchase 35% of SM's issued shares at 150,000 KRW per share received subscription applications for 18,880,227 shares.
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The final competition rate was 2.2655436 to 1, and the allocation ratio was 44.1395170%.
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