SEOUL: HYBE, the company representing top-selling South Korean boy band BTS, withdrew its plan to take management of SM Entertainment, the corporate mentioned on Sunday (Mar 12).

The transfer is seen as ending a weeks-long takeover battle between HYBE and social media big Kakao.

HYBE mentioned its determination to halt the takeover bid got here after the inventory market had been exhibiting “signs of overheating due to competition”.

Kakao final week launched a 1.25 trillion gained (US$946.80 million) tender bid for as much as 35 per cent of SM Entertainment at 150,000 gained per share, nicely above the 120,000 gained per share provide from HYBE for a 25 per cent stake that gained little traction with shareholders.

On Friday, shares in SM Entertainment closed at 147,800 gained.

HYBE and Kakao agreed to cooperate on issues associated to their platforms, HYBE added.

Kakao and SM Entertainment mentioned they welcomed the choice by HYBE.

“Kakao and Kakao Entertainment will continue its tender offer bid until the 26th to secure a further stake and work on the details of business cooperation between HYBE and SM,” Kakao mentioned in an announcement.