SINA Corp (NASDAQ:SINA), a leading online media company serving China and the global Chinese communities, announced that it has joined a consortium with Mr. Xin Zhou, co-chairman of the board of directors and chief executive officer of E-House (China) Holdings Limited (“E-House”), a company incorporated in the Cayman Islands and listed on the New York Stock Exchange, and Mr. Neil Nanpeng Shen, a member of the board of directors of E-House, to work exclusively with one another with respect to a proposed transaction to acquire all the outstanding ordinary shares of E-House not already owned by SINA, Mr. Xin Zhou, Mr. Neil Nanpeng Sheng or their respective affiliates (the “Transaction”).
In addition, to effectively execute its vertical strategy, SINA has agreed to exchange all the E-House shares beneficially owned by it (including shares acquired in the going private transaction of E-House) at the closing of the Transaction (the “Closing”) with ordinary shares of Leju Holdings Limited (“Leju”) held by E-House at the Closing, based on an exchange ratio determined in accordance with a mutually agreed formula. Leju is a majority owned subsidiary of E-House and is listed on the New York Stock Exchange.
In connection with the proposed Transaction with respect to E-House, Mr. Zhou and Mr. Shen submitted a preliminary non-binding proposal letter to the board of directors of E-House on June 9, 2015. (Original Source)
Shares of Sina Corp. closed yesterday at $59.21 . SINA has a 1-year high of $61.25 and a 1-year low of $31.92. The stock’s 50-day moving average is $48.28 and its 200-day moving average is $39.38.
On the ratings front, Sina Corp. has been the subject of a number of recent research reports. In a report issued on May 15, Piper Jaffray analyst Gene Munster reiterated a Buy rating on SINA, with a price target of $65, which represents a potential upside of 9.8% from where the stock is currently trading. Separately, on the same day, Brean Murray Carret’s Fawne Jiang reiterated a Buy rating on the stock and has a price target of $50.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gene Munster and Fawne Jiang have a total average return of 26.9% and 10.2% respectively. Munster has a success rate of 71.3% and is ranked #2 out of 3635 analysts, while Jiang has a success rate of 63.2% and is ranked #560.
SINA Corp is an online media company and MVAS provider in the People’s Republic of China and for the Chinese communities.