SM Entertainment headquarters in Seongdong District, eastern Seoul, on March 7. [YONHAP] HYBE is abandoning efforts to purchase SM Entertainment. "HYBE is halting the acquisition process for SM Entertainment from March 12," the company said Sunday, adding that intense competition has raised the acquisition cost "above the appropriate price range." The company has been in a battle with Kakao to increase holdings in SM Entertainment. HYBE initiated a tender offer at 120,000 won ($92) a share, but was only able to only able to buy 0.

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