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JYP shares rise 10% after report of planned stake offer
Media reports said Japan’s Nexroc Group and SVCV Inc were targeting 25% to 50% of the K-pop agency. JYP said it had received no tender offer.
Shares in South Korean music agency JYP Entertainment rose 10% on October 27 following media reports that Japan’s Nexroc Group and related company SVCV Inc planned to announce an offer for as much as half of its stock.
The companies were seeking between 25% and 50% of JYP’s issued shares, media reports said, citing their statement. The proposed tender price would carry a 30% premium over a benchmark share price. At JYP’s current market capitalization, a 50% holding is valued at about 700 billion won ($528.04 million).
JYP said no tender offer had been received. Nexroc Group was not immediately available for comment.
Douglas Kim, an independent analyst writing on Smartkarma, said the preliminary announcement was unusual and could be deemed illegal by Korean financial authorities. He said companies need sufficient financial backing or assets before launching a tender offer.
Founded by singer-songwriter and producer Park Jin-young (J.Y. Park), JYP’s artists include TWICE, Stray Kids, ITZY and DAY6.