JYP Entertainment has reaffirmed its official stance that it has never received a valid acquisition proposal from the Japanese investment group Nexrok. The agency stated that emails previously claimed to have been sent by Nexrok were classified as spam and blocked.
In an official statement released on the 29th, JYP Entertainment stated, “Even after clarifying through our disclosure on the 27th that we had not received any proposals regarding the acquisition of our shares, we have neither received nor reviewed any official, valid proposals.”
JYP further explained, “The email that Nexrok claims to have sent to us failed to meet sender reliability criteria under our security policies and was classified as ‘blatant spam.’ We confirmed through our mail service provider that the email never reached us and was forcibly blocked.”
This position comes in response to Nexrok’s claim that it had previously notified JYP of its plans to negotiate share acquisition. While Nexrok explained that it had expressed its intention to negotiate via email on the 21st, JYP maintains that the email itself was never received.
Amid the conflicting stances, Nexrok also claimed to have explained the situation to the Financial Supervisory Service (FSS). The company explained that its initial public disclosure of reviewing a tender offer was intended simply to gauge interest, and it did not expect such intense scrutiny from financial authorities. However, the FSS stated it had no record of contact with Nexrok.
The controversy began on the 26th when Nexrok and SVCV announced plans to massively acquire JYP shares. The two companies targeted 25% to 50% of the total issued shares. They mentioned setting a tender offer initiation target date for the 20th of next month and applying a 30% premium to the stock price, but did not finalize the actual trading prices or detailed conditions.
Nexrok stated its plan to attempt negotiations for about a month after delivering a non-binding proposal to JYP. Depending on the negotiation results, it would decide whether to execute the tender offer, meaning the tender offer is not yet finalized.
The FSS is also paying attention to the method of announcing acquisition plans through press releases prior to submitting a tender offer statement. Financial authorities view this as an unusual case differing from standard tender offer procedures and are examining trading trends and potential regulatory violations. They maintain a policy of swiftly investigating any circumstances pointing toward unfair trading.
