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SINA to Deliver Authorization Notice to Shareholders Validly Objecting to the Merger
Prior to the vote being taken at the extraordinary general meeting, the Company had received notices of objection from certain shareholders (the "Objecting Shareholders") that in the aggregate held approximately 21,528,295 ordinary shares of the Company, which amounted to approximately 35.9% of the total issued and outstanding shares of the Company. Given that the merger was duly approved at the extraordinary general meeting, the Company intends to deliver, on or prior to
In the event that holders of more than 10% of the shares have validly delivered Notice of Dissent pursuant to the Companies Act, a condition to Parent's obligation to consummate the merger will fail to be met and Parent will, in its sole discretion if it declines to waive that condition, be entitled to not proceed with the consummation of the merger and abandon the transactions contemplated by the Merger Agreement. The Board of Directors of the Company cautions the Company's shareholders and the public that there can be no assurance that the merger and the other transactions contemplated by the Merger Agreement will be consummated, as substantial uncertainty exists with respect to whether the foregoing closing condition will be met and if not, whether Parent will agree to waive that condition and proceed to consummate the merger.
The Company will provide further updates as required by applicable law.
SINA is a leading online media company serving
Weibo is a leading social media platform for people to create, distribute and discover content. Based on an open platform architecture, Weibo provides unprecedented and simple way for people and organizations to publicly express themselves in real time, interact with others on a massive global platform and stay connected with the world.
Through these properties and other product lines, SINA offers an array of online media and social media services to its users to create a rich canvas for businesses and advertisers to effectively connect and engage with their targeted audiences.
Safe Harbor Statements
This press release contains statements that express the Company's current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements" within the meaning of the
Risks, uncertainties and assumptions include: uncertainties as to the expected benefits and costs of the proposed merger; the expected timing of the completion of the merger; the parties' ability to complete the merger considering the various closing conditions; the possibility that financing may not be available; the possibility that various closing conditions to the merger may not be satisfied or waived; the effect of the announcement of the proposed merger or operational activities taken in anticipation of the merger on our business relationships, results of operations and business generally; the outcome of any legal proceedings that have been or may be instituted against us related to the Merger Agreement; the amount of the costs, fees, expenses and charges related to the merger; and other risks and uncertainties discussed in the Company's filings with the
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