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A South Korean court blocked SM Entertainment Co.’s planned share sale to internet giant Kakao Corp., scuppering the company’s favored plan and opening the door to a takeover of SM by BTS label Hybe Co.
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The Seoul Eastern District Court ruled in favor of SM founder Lee Soo-man, barring Kakao’s deal to buy 9% of SM, Yonhap reported. SM last month agreed to issue new shares and convertible bonds to Kakao in a move that would have made the messaging-app operator its second-largest shareholder, diluting Lee’s hold over the company.
