JYP shares surge on Japanese investment group's proposed stake purchase

JYP Entertainment shares jumped Tuesday after two little-known investors announced a potential tender offer for up to half of the K-pop company, prompting questions about their identities and ability to finance the purchase. NEXROC Group, which describes itself as a Japanese investment group, and SVCV said the previous day that they were considering buying between 25 and 50 percent of JYP’s outstanding shares. The K-pop agency behind major global acts such as Stray Kids and TWICE said it had not received any acquisition proposal from them. JYP shares opened 6.53 percent higher on the Kosdaq market and rose more than 10 percent during the session. They later gave up some of those gains to close 6.81 percent higher. The stock had already climbed in Monday’s after-hours trading on Nextrade following news of the proposed offer, finishing 14.38 percent above its regular-session close. In a Korean-language press release, NEXROC and SVCV said they were considering offering about 30 percent above a reference share price and aiming to launch the tender offer on Nov. 20. The companies cautioned,