SINA Corp. Receives Going Private Proposal - Quick Facts

(RTTNews) - SINA Corp. (SINA) said its Board has received a preliminary non-binding proposal letter from New Wave MMXV Limited, proposing to acquire all the outstanding ordinary shares of SINA not already owned by New Wave for $41 per share in cash in a going private transaction. The Board of SINA Corp. has formed a special committee to evaluate and consider the proposed deal.

New Wave is a company incorporated in the British Virgin Islands and controlled by Charles Chao, Chairman and Chief Executive Officer of SINA Corp.

Shares of SINA Corp. were up 9% in pre-market trade on Monday.