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On July 6, 2020, there was an preliminary non-binding proposal issued by New Wave MMXV Limited to acquire all the outstanding ordinary shares of SINA Corporation (SINA) not already owned by New Wave for US$41 per share in cash. After the announcement, there is still a spread between the market price and proposed buyout price.

Spread = $41 – Market price of SINA Corporation (SINA)

How the spread change after the announcement

After the announcement , the spread increased and reached the highest $1.32 on 13/7/2020 .

The potential return (Spread / Market price of SINA Corporation) reached 3.32% on 13/7/2020.

The only condition to capture the potential return

The potential return can only be realized if the buyout proposal turn into a definitive agreement which mean the offer is legally binding.

Risk and Consideration

  1. The potential return of the spread is subject to different fees or tax (Transaction fee, Handling fee) which affect the overall return.
  2. There is no assurance that any definitive agreement will be made.

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