JYP Entertainment shares surge 11% on news of Japanese tender offer
Shares of JYP Entertainment jumped on the 27th after a Japanese investment group announced plans to launch a tender offer for 25% to 50% of the company's shares.
JYP Entertainment shares rose 10.97% to 39,950 won on the 27th after NEXROC and its affiliate SVCV announced plans to launch a tender offer in November for 25% to 50% of the company's shares at a 30% premium.
Shares of JYP Entertainment surged in early trading on the 27th following reports that a Japanese investment group is pursuing a tender offer for the company's shares.
At 9:29 a.m. on the 27th, JYP Entertainment was trading at 39,950 won, up 3,950 won (10.97%) from the previous trading day. During the session, the price rose as high as 40,100 won.
On the previous day, the Japanese investment group NEXROC and its affiliate SVCV announced in an official statement that they plan to launch a tender offer in November for 25% to 50% of the issued shares of JYP Entertainment. They explained that they are considering a tender offer price that includes a 30% premium over the base stock price.
In a statement released last night, JYP Entertainment stated, "We have not received any proposal regarding the acquisition of our shares."
The stock also surged in the Korea Exchange after-market on the previous day when news of the potential acquisition first broke. JYP Entertainment's price soared to as much as 44,000 won during intraday trading and closed at 42,150 won, up 14.38% from the regular session closing price.
Covers K-pop for SPECIALTIMES GLOBAL, and also writes Culture and K-Variety stories.
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