Kakao offers to buy 35% of K-pop firm SM in growing battle

South Korean technology firm Kakao has launched a tender offer to buy up to 35% of K-pop agency SM Entertainment and become its largest shareholder, escalating a battle with entertainment firm Hybe for control of the company. Kakao offered a tender price of 150,000 won ($115) per share, making the total value of the offer 1.25 trillion won ($960 million). SM shares jumped 15% Tuesday. Kakao currently owns about 4.9% of shares in SM. If the tender offer succeeds, the firm would control about 40% of SM shares and successfully fend off Hybe’s attempt to control SM Entertainment.