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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 40 slides",
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  "presentationDate": "2020-09-01 00:00:00",
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  "notes": "The slide outlines the offer price, valuation, premium analysis, ownership structure, and financing mix.",
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      "text": "Financing: 80.4% debt, 14.7% rollover equity, 4.9% new equity.",
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      "text": "New Wave MMXV Limited submitted a preliminary non-binding proposal on Jul 6, 2020 to acquire all outstanding ordinary shares of SINA Corporation for US$41.00 per share in cash.",
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      "text": "Represents a premium of 23.6%, 28.6%, 25.0% and 17.2% to the VWAP during the last one, three, six and twelve months prior to the Proposal.",
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      "text": "Through negotiations with the Special Committee, the Buyer increased its offer to US$43.30 per share.",
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      "kind": "list",
      "text": "Buyer intends to roll-over all of its stake and does not intend to sell shares to any third party.",
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      "text": "Final Offer values the Company at approximately US$2.7Bn on a 100% fully-diluted equity basis.",
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      "text": "Buyer beneficially owns c.14.7% of total outstanding ordinary shares and c.61% of aggregate voting rights as of Sep 21, 2020.",
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      "text": "Source: Company filings, Company management projections, Capital IQ. Note: Based on 59,733,728 Ordinary Shares outstanding as of Sep 21, 2020.",
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