Kakao Corp. and its subsidiary, Kakao Entertainment, increased their share of K-pop company SM Entertainment to 39.9% from 4.9% after buying 1.66 million shares from HYBE. That left HYBE with 54% of its shares in SM Entertainment, in response to a Tuesday (March 28) regulatory submitting.

HYBE offered its 1.66 million SM shares for 248.8 billion gained ($191.8 million), or 150,000 gained ($115.62) per share, leaving it with an 8.8% stake in SM Entertainment. HYBE had deliberate to promote its complete stake, the company said in a Friday filing, nevertheless it didn’t offload all of its shares throughout Kakao’s tender offer. Now that the battle for management of SM is over, HYBE’s remaining stake in SM is value lower than its buy value. With Kakao’s tender having expired on Sunday and SM shareholders not in a position to promote at a premium, SM’s share value dropped 15% to 91,100 ($70.23) gained on Monday and improved barely to 94,300 gained ($72.70) on Tuesday.

SM Entertainment, residence to such Okay-pop acts as NCT-127 and Red Velvet, is partnering with Kakao Corp. and Kakao Entertainment to develop globally because it reorganizes following a cut up with its founder, Lee Soo-man. Kakao Entertainment owns Okay-pop group Monsta X’s label, Starship Entertainment, in addition to the Korean music streaming platform Melon.

HYBE acquired about 3.5 million SM shares from Lee at 120,000 gained per share, according to a Feb. 10 regulatory filing. After flirting with a marketing campaign to take board seats and a few operational management in SM, HYBE modified course and conceded to Kakao on March 13. “Proceeding with a higher tender offer [to beat Kakao’s bid] may have in turn caused a negative impact on our shareholders and we also judged it may have further overheated the market,” HYBE stated in a press release on the time. The firm had hoped to accumulate a further 25% stake in SM at 120,000 gained ($92.51) per share, however its tender supply fizzled and elevated its stake from 14.8% to simply 15.8%.