SINA inks agreement with New wave for going private for $43.3 per share

  • SINA Corporation (NASDAQ:SINA) has entered into an agreement and plan of merger with New Wave Holdings Limited and its wholly owned subsidiary, pursuant to which the parent will acquire all of the company's outstanding ordinary shares not currently owned by the parent and its affiliates in an all-cash transaction implying an equity value of the company of ~$2.59B for all the ordinary shares.
  • Pursuant to the merger agreement, at the effective time of the merger, each ordinary share issued and outstanding will be cancelled and cease to exist in exchange for the right to receive $43.30 in cash per ordinary share.
  • The per share merger consideration represents an increase of ~5.6% over the $41 per ordinary share initially offered in the "going-private" proposal from New Wave and premium of ~7.7% to Sept. 25 closing price.
  • (SINA)
  • Press Release
  • Previously: SINA +6% on non-binding "going private" proposal (July 6)

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