In a recent statement, Lee Soo-man’s team explained that he had previously set the selling price of his shares in Hive at the same value as the public stock purchase price, which would apply to small shareholders without any separate premium for his own shares.
Currently holding 868,948 shares (3.65%) of SM stock, Lee Soo-man’s stake includes put options that will expire within a month of either receiving approval for the merger or the transaction closing date one year later.
However, with Hive withdrawing from the acquisition of SM, Lee Soo-man no longer has any reason to purchase this stake, and Hive has taken the position that whether to exercise the put option is entirely up to him.
Meanwhile, Lee Soo-man has appointed lawyer Moon Jae-woong as an inspector for the SM regular shareholder meeting, scheduled for March 31. Lee Soo-man’s team has stated that the inspector has been appointed to ensure that all proceedings and resolutions at the shareholder meeting are legally sound.