South Korean technology firm Kakao launched a tender offer to buy up to 35% of K-pop agency SM Entertainment and become its largest shareholder, escalating Tuesday a battle with entertainment firm Hybe for control of the company.
Kakao offered a tender price of 150,000 won ($115) per share, making the total value of the offer 1.25 trillion won ($960 million). SM, the group behind popular K-pop groups such as NCT and aespa, saw its shares jump over 15% to 149,700 won.
