SM Entertainment (hereafter SM) 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 at length the reason behind their opposition against 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. This is an attempt that ignores not only the fierce deliberation and efforts of the 600 SM employees who have dreamed of becoming the No. 1 entertainment company in the world, but also the values and pride of SM that it has pursued together with the fans and artists.”
SM details the following main points:
- HYBE’s takeover is the same as returning to the wrong past of “SM for a certain shareholder.”
- The synergies talked about in the market are for HYBE shareholders, not for SM shareholders or for K-pop.
- HYBE intentionally evaded FTC (Fair Trade Commission) review—SM’s corporate value will be undermined in the process of FTC review.
- Preview of the overall strategy of “SM 3.0”
Check out the full video with English subtitles below:
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Read original article here: www.soompi.com
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