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K-pop giant SM faces Align Partner's shareholder activism

Korea Economic Daily LogoKorea Economic Daily2 mo ago

K-pop giant SM faces Align Partner's shareholder activism - Korea Economic Daily

Quick Summary:

If SM fails to disclose the termination of contracts with Like by Sept.30, Align will pursue a shareholder’s lawsuit, the activist fund stated in the letter.SM announced on Sept.15 that it will review the early termination of contracts with Like, scheduled at the end-2022, and disclose the termination plan as soon as it passes a resolution at a board meeting.On Sept.16, the following day of the announcement, SM’s stocks jumped 18.6% with 448 billion won transactions, the largest amount of trade per day since it was listed in April 2000.

Align Partners said on Oct.4 that it has required SM to give rights to inspect and copy the K-pop label’s board meetings minutes and account books related to transactions with Like Production, a boutique firm wholly owned by SM founder and Chief Producer Lee Soo-man.Lee holds an 18.5% stake in SM.

South Korea’s Align Partners Capital Management has started shareholder activism against K-pop music label giant SM Entertainment Co., in which the activist fund owns a 1.1% stake.


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Article Details

Category: Economy

Markets:

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Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-10-04 @ 16:48:28 (2 months ago)

News Timezone: GMT +8:00

Ranking: #1769 (out of 3282 stories this day)

News Source URL: kedglobal.com

Language: English

Article Length: 427 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Korea Economic Daily

News ID: 715562

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Main Topics: Economy

Official Website: kedglobal.com

Update Frequency: 12 posts per day

Year Established: 1964

Headquarters: South Korea

News Last Updated: 10 hours ago

Coverage Areas: South Korea

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Publisher ID: #91

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