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Hybe affirmed on Tuesday this week that it is planning to acquire SM Entertainment through a stake owned by its founder Lee Soo Man. The company also explained that the purchase is not a hostile merger and acquisition strategy like what those opposing the takeover claim.
Rather, Hybe said that its acquisition of SM Entertainment would help SM artists to advance their careers in North America. The BTS agency said that if its M&A plans push through, the artists will advance overseas as well.
According to Yonhap News Agency, Hybe recently agreed to buy a 14.8% stake in SM Entertainment through Lee Soo Man's more than 18% stake. It is also making an offer to buy an additional 25% of SME from other shareholders. Then again, some high-ranking executives of SM Entertainment expressed their strong opposition to the acquisition plan.
They have been openly criticizing Hybe's acquisition plan and went as far as calling it a hostile takeover. This is why the entertainment firm that also houses the 7-member superstar boy group, BTS, released a statement to deny the allegation.
"We do not think the company's acquisition of SM shares is a hostile merger and acquisition," Park Ji Won, Hybe's chief executive officer, said during the company's performance conference. "That is because we agreed to buy shares held by SM's largest shareholder (Lee) through mutual consent and publicly offered to buy shares from smaller shareholders on the same condition as the largest shareholder."
The CEO reiterated they have no intention to be aggressive toward the current SME management. He continued to stress that the acquisition deal will only have a positive outcome as it is expected to create big synergy in the entertainment industry.
"Hybe can help SM artists advance into the North American market using BTS' great achievements in the market, and the network and know-how of Ithaca Holdings," Park explained. "SM's overwhelming infrastructure in Southeast Asia and China can help Hybe artists enter the markets, too."
