nah their situation doesn't look too positive now because it seems most SM minority shareholders are also SM stans at the end of the day seeing they didn't respond to Hybe's tender offer and how Align was able to win 20% of their votes easily by signed Katrina's photo cards last year
. Hybe's website probably didn't help winning their trust either that's why they have changed the strategy to raising money now.
It's basically a money game at this point. 
Hybe didnt win the tender offer bc sm’s share price was above the tender offer price most of the time. K ants (minority shareholders) mostly care about money, they wont sell to hybe when the current market price is higher, much beneficial to simply sell on the open market, even more with looming kakao rival tender offer.
The one who won the 20% with karina photocard was not Align, but Lee Sooman’s side. Align was still playing activist fund last year in order to improve SM’s governance (to oust LSM).
Anyway most minority s/hs are sick of kakao’s dirty tricks so way too early to tell. Tho it certainly favors kakao now bc with a price that high they’ll most likely succeed and hybe always plays by the book.
Edit: also more info on the karina pc, LSM tried to persuade minority s/hs using karina photocards but they failed and only managed to gather 22% proxy votes vs Align’s 30-ish % lmao