Adore CEO Min Hee-jin's Put Option Dispute with HYBE Heads to Court

The legal battle between HYBE and former Adore CEO Min Hee-jin continues as the second hearing for the stock sale payment lawsuit regarding the exercise of a put option takes place today, November 11th. The court will simultaneously review HYBE's lawsuit seeking confirmation of shareholder agreement termination.

Min, who notified HYBE of her intention to exercise her put option on Adore shares last November, is seeking a price based on the average operating profit of the last two years multiplied by 13. This estimation places the potential payout around 26 billion KRW. However, HYBE contests the validity of the put option, citing a termination of the shareholder agreement.

HYBE alleges Min attempted to lure NewJeans away while receiving a substantial salary, deeming the contract termination lawful and the put option void. Min's representatives counter that the put option remains valid due to the absence of grounds for cancellation and that the contract termination notice was issued after the put option exercise period had commenced. The proceedings have also seen disputes over evidence presented by HYBE, with Min's side asserting its illegality.

Min Hee-jin is a highly respected figure in K-pop, known for her innovative concepts and visual direction for numerous idol groups like Girls' Generation and EXO during her tenure at SM Entertainment. Appointed CEO of HYBE's subsidiary ADOR in 2021, she masterminded the highly successful debut of the girl group NewJeans.