SM Releases Statement Against HYBE's Acquisition
February 20, 2023
SM Entertainment has released a lengthy video statement regarding HYBE’s acquisition.
On February 20, SM Entertainment uploaded a video to their official YouTube channel titled “The reason why SM is against HYBE’s hostile takeover,” detailing their opposition to HYBE’s M&A (mergers and acquisitions).
In the video, SM Entertainment CFO (Chief Financial Officer) Jang Cheol Hyuk begins by stating, “As soon as SM’s new vision ‘SM 3.0’ was announced, the largest shareholder sold his stake, and a hostile takeover attempt by a competitor started.”
HYBE recently bought shares of SM, but are now looking to increase their stake.
Check out the full video with English subtitles below:
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