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SINA Corporation has completed its merger with New Wave Mergersub Limited, marking its transition to a privately held entity. The merger was approved by shareholders on December 23, 2020, allowing shareholders to receive $43.30 in cash per ordinary share. Following the merger, SINA's ordinary shares will be delisted from the Nasdaq, and the company will suspend its reporting obligations under the Securities Exchange Act. This strategic move aims to streamline operations and enhance shareholder value.
SINA Corporation announced plans to provide authorization notices to shareholders who objected to its merger approved on December 23, 2020. Approximately 35.9% of the company's shares were represented in objections. Shareholders have until January 12, 2021, to dissent and demand payment for their shares. The merger completion is contingent upon less than 10% of shares dissenting; otherwise, the merger may not proceed. This highlights substantial uncertainties regarding the merger's finalization.
SINA Corporation announced that shareholders approved the merger agreement with New Wave Holdings Limited at an extraordinary general meeting held on December 23, 2020. Approximately 62.0% of total shares were represented, with 93.6% voting in favor of the merger. The completion of the merger, which will make SINA a wholly owned subsidiary of New Wave, is pending on certain closing conditions, including a dissent threshold of 10% of shares. If achieved, SINA's shares will no longer be traded publicly.
SINA Corporation has announced an extraordinary general meeting (EGM) scheduled for December 23, 2020, to discuss and vote on the proposed merger with New Wave Holdings Limited. The merger agreement, approved by the board of directors, will result in SINA becoming a privately held company, with its shares ceasing to be listed on NASDAQ and also deregistered under the Securities Exchange Act of 1934. Shareholders of record as of November 20, 2020, are eligible to vote at the EGM. Further details can be found in the SEC filings related to the merger.
SINA Corporation has announced a Merger Agreement with New Wave Holdings Limited, where New Wave will acquire all outstanding shares of SINA not owned by its affiliates. The all-cash transaction values SINA at approximately US$2.59 billion, offering US$43.30 per share, representing an 18.1% premium over the last closing price before the proposal. The merger is expected to close in Q1 2021, subject to shareholder approval and customary conditions. Approximately 61% of voting rights are already committed in favor of the merger.
SINA Corporation (NASDAQ: SINA) reported its second quarter 2020 results, showing a 5% decline in net revenues year-over-year to $507.7 million due to a 10% drop in advertising revenues, now at $392.2 million. Non-advertising revenues rose 16% to $115.5 million, largely driven by SINA's Fintech segment. The company posted a net loss of $25.4 million or $0.42 per share, with non-GAAP net income at $34.4 million. Operating expenses increased to $296.1 million, impacting overall profitability.
SINA Corporation (NASDAQ GS: SINA), a prominent online media company catering to China and global Chinese communities, is set to announce its unaudited financial results for Q2 2020 on September 28, 2020, before the U.S. market opens. The company operates SINA.com, SINA mobile, and Weibo, providing multimedia content and interactive services. Investors are encouraged to watch for key metrics such as revenue growth and earnings per share (EPS) during the upcoming report.
SINA Corporation (NASDAQ: SINA) announced that its independent Special Committee has engaged Morgan Stanley Asia and Gibson, Dunn & Crutcher LLP for advice regarding a non-binding proposal from New Wave MMXV Limited to acquire all outstanding shares not owned by New Wave at $41 per share. The proposal was received on July 6, 2020. The Board cautions that no decisions have been made, and there is no assurance of any definitive offer or transaction completion. SINA offers a digital media network serving China and global Chinese communities, including SINA.com and Weibo.
SINA Corporation (NASDAQ: SINA), a major online media company in China, received a preliminary non-binding proposal from New Wave MMXV Limited to acquire all outstanding ordinary shares for US$41 per share in a going-private transaction. This proposal, dated July 6, 2020, reflects a premium of about 20% over the average closing price of the shares in the preceding 30 days. The Company's Board has formed a special committee to evaluate this proposal, emphasizing no decisions have yet been made regarding its acceptance.
