Will the Chicken Game End in the Hive-Kakao SM Acquisition Battle?

It has been reported that HYBE and Kakao, who were competing to acquire SM Entertainment, have discussed ways to resolve their dispute.

According to industry sources on the 11th, HYBE and Kakao reportedly discussed matters related to the SM acquisition battle the previous afternoon. Although the specific agenda has not been disclosed, some speculate that both parties may have agreed on a structure where neither side monopolizes SM.

With SM's stock price more than doubling compared to a month ago, it is analyzed that the negotiation was arranged due to concerns that a competitive tender offer between the two sides could lead to a "winner's curse."

Previously, HYBE attempted a tender offer for SM shares at 120,000 KRW per share last month but failed. Kakao also launched a tender offer at 150,000 KRW per share, but the success of this effort remains uncertain.