SM Entertainment’s coup d’etat against its founder, Lee Soo-man, seemed like a done deal until Hybe Entertainment said it would buy up 40% of the company’s stock at a premium to current shareholders. Now, the fate of the once-fabled K-pop powerhouse hangs in the balance of a corporate war.

On one side is Kakao Entertainment, which has been gobbling up artists and management companies to bolster its content business. And on the other is BTS’ parent company Hybe, which seeks to maintain its number 1 market position in the K-pop industry with a hostile M&A of SM Entertainment. Eyes around the world are closely watching this deal especially as it involves family members fighting over the company.

But for Hybe Entertainment, which joined forces with former enemy Lee Soo-man, would acquiring SM Entertainment be eating poison from a candy wrapper?