(Bloomberg) -- Hybe Co. acquired only a fraction of the shares in rival SM Entertainment Co. it hoped for, an embarrassing blow for the label behind global phenom BTS that’s called its takeover attempt critical to preserving K-pop’s global influence.

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Hybe bought 233,817 SM shares at its offer price of 120,000 won each, for a total of 28 billion won ($21.6 million), according to a regulatory filing. That’s a far cry from the 5.95 million shares it had aimed for, and suggests local investors are holding out for a higher price down the road. The stock surged when the tender offer was first disclosed and has been trading above it since then, though Hybe executives held firm on their pricing and expressed confidence they’d find willing sellers. SM’s board and leadership urged shareholders not to sell to Hybe and have instead pursued a capital tie-up with Korean social media giant Kakao Corp.

The outcome falls dramatically short of Hybe’s intended 25% stake acquisition, which — together with the 14.8% holding it acquired from SM founder Lee Soo-man — would have resulted in Hybe having a controlling interest. Hybe launched its bid for SM, the firm behind groups including EXO and Girls’ Generation, on Feb. 10. After the tepid response, Hybe has only secured 15.8% of shares — it can also control a further 3.65% of voting rights on behalf of the company’s founder.

Hybe’s failure to energize shareholders leaves SM’s fate in a cloud of uncertainty, after a South Korean court last week blocked SM’s planned sale of stock to Kakao, ruling in favor of Lee and scuppering the company’s favored plan and partner.

Read more: Court Blocks Kakao’s Capital Tie-Up With K-Pop Pioneer Agency SM