[Exclusive] Min Hee-jin met with Naver and Dunamu, asking them to take over Adore.

Wow Dunamu.. Naver.. I think this is getting bigger and bigger. I wonder what will happen.

https://v.daum.net/v/20240517102018200

According to the investment banking (IB) industry and legal circles on the 16th, CEO Min met with Dunamu Chairman Song Chi-hyung and Naver officials and proposed the acquisition of Adore. Representative Min is known to have made remarks to Chairman Song, such as “pressure Hive to leave Adore.” Dunamu holds a 5.6% stake in Hive and is the third largest shareholder with the right to elect directors.

The circumstances of CEO Min's contact with Naver and Dunamu were revealed during Hive's audit of CEO Min. Previously, Hive began an internal audit on the 22nd of last month after confirming that CEO Min had accessed and illegally downloaded trade secrets that only Hive can manage, such as dividend details by artist and income by region. This is to confirm the so-called 'usurpation of management rights' attempt by CEO Min to attract external investors and sell Hive's shares of Adore.

It is said that during the audit process, Hive searched CEO Min's PC and discovered KakaoTalk conversation logs containing the fact that CEO Min had contacted Naver and Dunamu. In this document, Representative Min said, “Song Chi-hyung doesn’t even understand what I’m saying. XX” and “Naver still understands it rather well”. Previously, Hive also disclosed a conversation history in which CEO Min responded “jackpot” to Adore’s plan to secure cash through put options and purchase shares of Adore from Hive through financial investors (FIs). .