SHANGHAI, April 28, 2015 /PRNewswire/ -- SINA
Corporation (NASAQ: SINA) (the "Company"), a leading online media
company serving China and the
global Chinese communities, today announced that it has adopted a
continuation of its previous shareholder rights plan (the
"Continued Rights Plan").
The Company adopted the Continued Rights Plan to preserve, for
the Company's shareholders, the long-term value of the Company in
the event of a potential takeover which appears to the Board of
Directors of the Company to be coercive or unfair or otherwise not
in the best interests of the Company and its shareholders.
Initially, the rights to purchase ordinary shares of the Company
(the "Rights") will be represented by the Company's ordinary share
certificates, will not be traded separately from the ordinary
shares and will not be exercisable.
The Rights will become exercisable only if a person or group
obtains ownership of 10% or more of the Company's ordinary shares
or enters into an acquisition transaction at which time each Right
would enable the holder of such Right to buy additional ordinary
shares of the Company.
Following the acquisition of 10% or more of the Company's
ordinary shares, the holders of Rights (other than the acquiring
person or group) will be entitled to purchase from the Company
ordinary shares of the Company at half price. In the event of a
subsequent acquisition of the Company, the holders will be entitled
to buy ordinary shares of the acquiring entity at half price. The
exercise price of each Right is US$150, subject to adjustment.
Generally, the Company may redeem the Rights for $0.001 per Right, subject to adjustment, or
terminate the Continued Rights Plan at any time before (or within
10 business days following) the acquisition by a person or group of
10% or more of the Company's ordinary shares.
The Company will file a Form 8-A with the U.S. Securities and
Exchange Commission that will contain additional information
regarding the terms and conditions of the Continued Rights Plan,
which will be available on the SEC's website (http://www.sec.gov).
Following the record date, SINA also will mail to each shareholder
a letter containing further details regarding the Continued Rights
Plan.
About SINA
We are an online media company serving China and the global Chinese communities. Our
digital media network of SINA.com (portal), SINA mobile (mobile
portal and mobile apps) and Weibo (social media) enables Internet
users to access professional media and user generated content in
multi-media formats from desktop personal computers and mobile
devices and share their interests with friends and
acquaintances.
SINA.com offers distinct and targeted professional content on
each of its region-specific websites and a full range of
complementary offerings. Our mobile portal, SINA.cn, provides news
information and entertainment content from SINA.com customized for
mobile users in WAP (mobile browser) and mobile application format.
Weibo is a leading social media platform for people to create,
distribute and discover Chinese-language content. Based on an open
platform architecture, Weibo allows users to create and post feeds
up to 140 Chinese characters and attach multi-media content, as
well as access a wide range of organically and third-party
developed applications, such as online games.
Through these properties and other product lines, we offer an
array of online media and social media services to our users to
create a rich canvas for businesses and advertisers to effectively
connect and engage with their targeted audiences.
Safe Harbor Statement
This press release contains forward-looking statements that
relate to, among other things, SINA's expected financial
performance and SINA's strategic and operational plans (as
described, without limitation, in the "Business Outlook" section
and in quotations from management in this press release). SINA may
also make forward-looking statements in the Company's periodic
reports to the U.S. Securities and Exchange Commission, in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company's beliefs and
expectations, are forward-looking statements. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"confidence," "estimates" and similar statements. SINA assumes no
obligation to update the forward-looking statements in this press
release and elsewhere. Forward-looking statements involve inherent
risks and uncertainties. A number of important factors could cause
actual results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to SINA's limited operating history in
certain new businesses; condition of the global financial and
credit market; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly
operating results; the Company's reliance on online advertising
sales and value-added services for a majority of its revenues;
failure to successfully develop, introduce, drive adoption of or
monetize new features and products, including portal, Weibo and
MVAS products; failure to enter and develop the small and medium
enterprise market by the Company or through cooperation with other
parties, such a Alibaba; the Company's reliance on mobile operators
in China to provide MVAS and
changes in mobile operators' policies for MVAS in China; failure to successfully integrate
acquired businesses; risks associated with the Company's
investments, including equity pick-up and impairment; and failure
to compete successfully against new entrants and established
industry competitors. Further information regarding these and other
risks is included in SINA's annual report on Form 20-F for the year
ended December 31, 2013 and other
filings with the Securities and Exchange Commission.
Contact:
Investor Relations Department
SINA Corporation
Phone: (86-10) 5898-3336
Email: ir@staff.sina.com.cn
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SOURCE SINA Corporation