Charles Chao, Chairman of Board and Chief Executive Officer of SINA Corporation, offered to acquire remaining 86.71% stake in SINA Corporation (NasdaqGS:SINA) for $2.4 billion on July 6, 2020. Charles Chao will acquire the shares of SINA Corporation at $41 per share in cash. Charles Chao, Chairman of Board and Chief Executive Officer of SINA Corporation entered into an agreement and plan of merger to acquire remaining 85.3% stake in SINA Corporation (NasdaqGS:SINA) for $2.2 billion on September 28, 2020. Under the revised terms of the transaction, Charles Chao will acquire the shares of SINA Corporation at $43.3 per share in cash. The acquisition was financed through a combination of (i) rollover equity (represented by the Rollover Shares) from the Rollover Shareholders, (ii) a committed term loan facility in the amount of $1.3 billion pursuant to a Facility Agreement dated March 5, 2021 by New Wave as the borrower, China Minsheng Banking Corp., Ltd. Shanghai Branch as the mandated lead arranger and underwriter and certain other parties thereto, (iii) cash contributions by Charles Guowei Chao in the amount of $0.4 billion; and (iv) available unrestricted cash from SINA Corporation in the amount of $0.4 billion. Post-closing, SINA Corporation will become a privately held company and its ordinary shares will no longer be listed on the Nasdaq Global Select Market. SINA Corporation will pay a termination fee of $25 million and Charles Chao will pay a termination fee of $50 million. The directors or such other persons designated by Charles Chao shall be the initial directors and officers of the surviving company. The proposal is subject to execution of the definitive agreements, holders of no more than 10% of the Shares shall have validly served and not validly withdrawn a notice of dissent under Section 238(2) of the CICL (Part XVI of the Companies Law (2020 Revision) of the Cayman Islands) and affirmative vote of shareholders representing at least two-thirds of the voting power of the outstanding shares of SINA Corporation. The Board of Directors of SINA Corporation acting upon the unanimous recommendation of a committee of independent directors have approved the transaction and resolved to recommend to its shareholders to vote to authorize and approve the transaction. Charles Chao have agreed to vote all ordinary shares and Class A preference shares of SINA Corporation they beneficially own, in favor of the authorization and approval of the transaction. The Board of Directors of SINA Corporation has formed a special committee consisting of independent directors to evaluate and consider the transaction. An extraordinary general meeting of shareholders of SINA Corporation is to be held on December 23, 2020 to approve the transaction. As of December 23, 2020, the transaction has been approved by the shareholders of SINA Corporation. As reported on December 28, 2020, SINA Corporation will deliver authorization notice as required by the Companies Act of the Cayman Islands to all the shareholders who had validly objected the transaction. The transaction is currently expected to close during the first quarter of 2021. Morgan Stanley Asia Limited acted as financial advisor and fairness opinion provider, Fang Xue of Gibson, Dunn & Crutcher LLP and Harney Westwood & Riegels acted as legal advisors for special committee of SINA Corporation. Z. Julie Gao, John Hartley, Layton Niu, Charles Shi and Peter X. Huang of Skadden, Arps, Slate, Meagher & Flom LLP and Appleby acted as legal advisors to Charles Chao. Daniel Dusek and Xiaoxi Lin of Kirkland & Ellis acted as legal advisors to Morgan Stanley Asia Limited. Morgan Stanley Asia Limited will receive a fee of $3 million for its services. There will be a fee of $1.75 million as legal fees and $3.1 million of financial advisory fees. Maples and Calder (Hong Kong) LLP acted as legal advisor for SINA Corporation. Charles Chao, Chairman of Board and Chief Executive Officer of SINA Corporation, completed the acquisition of remaining 86.71% stake in SINA Corporation (NasdaqGS:SINA) on March 22, 2021.