Hive, which withdrew from the takeover battle for SM's management rights, announced that it will participate in the tender offer for SM being conducted by Kakao.
On the 24th, Hive disclosed that it will sell all 3,757,237 shares of SM stock it holds.
Hive held a total of 3,757,237 shares (15.67%), acquired from former SM Chief Producer Lee Soo-man and through the tender offer. The disposal amount is approximately 563.6 billion KRW.
Hive stated, "Following the withdrawal from acquiring SM's management rights, we have decided to participate in the tender offer for our held shares and sell some or all of them."
However, the disclosed number of shares to be disposed of represents the amount Hive will participate in the tender offer, and the actual number of shares sold may differ.
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