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| ▲This photo, provided by Align Partners Capital Management show photo of Lee Chang-hwan. (PHOTO NOT FOR SALE) (Yonhap) |
SEOUL March 13 (Yonhap) -- Align Partners Capital Management showcased positive stance regarding the agreement reached by HYBE Entertainment and Kakao Entertainment on March 12, which competed against one another on the management rights of SM Entertainment.
Align Partners Capital Management which withholds 1 percent of SM Entertainment’s activator fund worth close to the head figures of the current executive of the SM Entertainment. Recently current executives of the entertainment agency suggested Align Partners Capital Management’s CEO Lee Chang-hwan as the non-executive director.
Throughout the interview with Yonhap News Agency, CEO, Lee Chang-hwan of the Align Partners Capital Management addressed “In perspective of Kako and HYBE reaching an agreement was a great idea, if the complication between both HYBE and Kakao continued on little further it would have met up with a horrible end, however it is nice that both companies have came to an agreement.”
Moreover CEO added “SM Entertainment is taking a route where they can keep their independence as a label.”
HYBE and Kakao has reached an agreement that SM Entertainment’s management right will be held by the Kakao therefore HYBE Entertainment plans to stop all actions regarding acquiring the SM Entertainment.
Throughout the general meeting of the shareholders HYBE’s candidates for the in-house directors will drop out of the race and Kakao will continue on with its tender offer until March 26.
As addressed earlier, Align Partners Capital Management will not interfere with the tender offer of Kakao.
CEO Lee stated “SM Entertainment’s ‘SM 3.0’ will skyrocket the value of the company,” adding “Since Align Partners Capital Management is a company which invests from a long term perspective, we will not participate in Kakao’s Tender offer.”
Moreover, Lee Chang-hwan addressed “If I become the non-executive director through general meeting of shareholders I will do my best to guide SM Entertainment to implement SM 3.0 in the near future” adding “Since SM Entertainment will work closely with HYBE and Kakao Entertainment Align Partners Capital Management will also stay in good terms with both companies.”
(This article is translated from Korean to English by Joonha Yoo)
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