Article: HYBE, SM's largest shareholder... Purchased Lee Soo-man's 14.8% stake
Source: Sports World
HYBE, led by Chairman Bang Si-hyuk, has taken over SM Entertainment.
On the 10th, HYBE announced in a press release that it would acquire 14.8% of Lee Soo-man's shares for 422.8 billion won, becoming major shareholder at SM. Lee Soo-man's stake is 18.46% and thus exceeds 9.05% secured by Kakao on the 7th.
HYBE also announced it will make a tender offer for shares held by minority shareholders of SM.
Stay tuned for updates!