Hong Kong/Seoul CNN —BTS agency HYBE says it has called off a takeover bid for SM Entertainment, ending weeks of corporate mudslinging that has dominated headlines in South Korea. Last week, tech giant Kakao and its entertainment unit said they had doubled down on their quest to take control of SM, the iconic K-pop music agency. Kakao offered SM shareholders 150,000 won ($115) per share, much more than HYBE’s previous offer of 120,000 won ($92) per share, which garnered only mild interest from investors. SM Entertainment said in a statement that it “welcomes” HYBE’s decision to suspend its takeover bid. Kakao and its entertainment unit will continue with their existing tender offer to SM shareholders, which will wrap up on March 26, they told CNN.

---