[Featured Stock] End of Management Dispute... SM Stock Adjusts to 120,000 Won Range

SM's stock price fell to the 120,000 won range in early trading following Hive's announcement to halt the acquisition process of SM.

As of 9:08 a.m. on the 13th, SM was trading at 128,400 won on the KOSDAQ market, down 19,400 won (13.13%) from the previous trading day.

The SM acquisition battle was concluded the day before with Kakao taking management rights and Hive focusing on platform cooperation. Hive announced that it has successfully reached an agreement with Kakao and will suspend the SM acquisition process.

Accordingly, the Hive-nominated inside director candidates previously disclosed will withdraw from the SM regular shareholders' meeting scheduled for the end of this month. Discussions regarding outside director candidates are ongoing with Kakao.

Kakao plans to proceed with the public tender offer at 150,000 won per share as scheduled until the 26th to secure additional shares.

Meanwhile, according to financial information provider FnGuide, the consensus target price for SM stock by securities firms is 124,056 won.