HYBE has released a new statement regarding the agreement they have made with Kakao over SM Entertainment. The statement released on March 12 KST, has the company announcing that they have suspended the SM Entertainment takeover process as of that day. It reads as follows:
"HYBE will suspend the acquisition process of SM Entertainment as of March 12. HYBE judged that the market was overheating due to competition with Kakao and made a decision after comprehensively considering that this could have a negative impact on HYBE's shareholder value.”
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