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Kakao announced earlier this week that it secured a 9.05% stake in SM Entertainment. The internet company paid KRW217.2 billion or around $172.8 million for the deal has made it the second-largest shareholder of the entertainment firm that houses Super Junior, Girls Generation, EXO, and more.
After the reveal of the acquisition, it was reported that Lee Soo Man, SM Entertainment’s founder and largest shareholder, was against the deal. As a result, he is challenging the legalities of the contract.
He said that the agreement between Kakao and SM Entertainment is unlawful and is now seeking a directive from the court to stop the transaction. The injunction request by Lee was confirmed by his lawyer at Yoon & Yang LLC legal firm, as per Korea Joongang Daily.
On Tuesday this week, Kakao said it purchased 1,230,000 new shares issued by SM Entertainment through a paid-in capital increase allotted to a third party. It also secured 1,140,000 shares through the buyout of convertible bonds.
The board members of Kakao and SME voted in favor of the investment and agreed for the transaction to be completed by March 6. Once everything is signed, the internet firm will be the no. 2 biggest shareholder after Lee Soo Man.
Lee’s side is claiming he was not informed about the latest negotiations with Kakao. He was included in the talks in the early talks but was left out recently thus he said that the agreement was illegal.
“Lee Soo-man had been in talks with Kakao about selling his stock (in 2021), but that discussion was halted,” the SME founder’s lawyer, Ahn Sang Hyun, said. “This decision from the company was made regardless of Lee’s wishes. We will be filing for an injunction with the court to suspend the illegal efforts of SM’s board.”
