|Bid||54.77 x 900|
|Ask||54.80 x 900|
|Day's range||54.04 - 54.84|
|52-week range||37.92 - 69.89|
|Beta (5Y monthly)||1.27|
|PE ratio (TTM)||27.00|
|Earnings date||19 Aug 2020 - 24 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||61.68|
(Bloomberg) -- Sina Corp., a Chinese social media company, has received a take-private proposal for $41 a share from an entity led by its chairman.The company said in a statement Monday that New Wave MMXV Ltd., the anglicized name of Sina, submitted a preliminary non-binding proposal letter dated Monday for a “going private” transaction. New Wave is controlled by Charles Chao, chairman and chief executive officer of Sina, according to the statement.At $41, the U.S.-listed company would be valued at about $2.7 billion, an 11.8% premium on its last closing price on Thursday.Sina operates Weibo, a Chinese equivalent of Twitter. The firm was among the first wave of Chinese internet companies to seek listings internationally at the beginning of the century. It went public on the Nasdaq in 2000, with its shares rising 174% since then. The S&P 500 Index rose 116% during the same period.With the encouragement of China’s government and to be closer to their customers, some U.S.-listed Chinese companies have reversed course and sought homecomings via Hong Kong listings in the past year. That includes Alibaba Group Holding Ltd., JD.com Inc. and NetEase Inc.Chao controls 13.5% of Sina’s ordinary shares, according to a filing. Sina said in its statement that New Wave and its beneficiaries control 58% of the voting power in the company. The acquisition, to be financed by a combination of debt and equity, will be evaluated by a special committee set up by Sina’s board, according to the statementAn investor group backed by private equity firms Warburg Pincus and General Atlantic offered in June to take private 58.com Inc., a Chinese online bulletin board akin to Craigslist, in a deal valuing the company at about $8.7 billion.Sina shares jumped as much as 10.8% on Monday after the announcement disclosing the offer. They closed at $40.54 in New York.(Updates with closing share price in eighth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed sale of 58.com Inc. (NYSE: WUBA) to Quantum Bloom Group Ltd. Under the terms of the proposed transaction, shareholders of 58.com will receive only $28.00 in cash for each class A or B share and $56.00 in cash for each American depositary share ("ADS") of 58.com that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.
WUBA vs. RNG: Which Stock Is the Better Value Option?
(Bloomberg) -- An investor group backed by Warburg Pincus and General Atlantic agreed to take 58.com Inc. private in a deal valuing China’s biggest online classifieds firm at about $8.7 billion.The private equity consortium offered to buy out the New York-listed company’s independent shareholders for $56 cash per American depositary receipt, 58.com said in a statement Monday, confirming an earlier Bloomberg News report. The bid represents a 20% premium to the last close before an initial buyout approach was announced in April.58.com’s ADRs jumped as much as 10.8% to $55.18 on Monday in New York. The stock closed at $54.58.The buyer group, which also includes Ocean Link Partners and 58.com founder Jinbo Yao, slightly increased the offer from its earlier proposal of $55 per ADR. The consortium has received as much as $3.5 billion in loan commitments from lenders including Shanghai Pudong Development Bank Co. to help fund the purchase, according to Monday’s statement.58.com’s board approved the transaction after it was unanimously recommended by a special committee of independent directors, it said in the statement. The deal is expected to close in the second half of the year.The agreement to purchase 58.com, known as China’s answer to Craigslist, follows more than two months of negotiations after the company said it received a buyout proposal. The potential deal had drawn objections from some minority investors, including Coronation Fund Managers, Aberdeen Standard Investments and Carmignac Gestion, which said the proposed bid significantly undervalues the business.Yao, 58.com’s chairman and chief executive officer, and General Atlantic control 44% of the company’s voting power and have agreed to approve the transaction, they said in the statement. Chinese tech giant Tencent Holdings Ltd. also owns a stake in the company.Houlihan Lokey Inc. advised 58.com’s special board committee on the deal.(Updates share price in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
What happened Shares of Chinese classified-ad company 58.com (NYSE: WUBA) traded higher on Monday, after the company entered into a definitive agreement that will take it private. As of 2 p.m. EDT today, the stock was up 10%.
Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, has launched an investigation into whether the board members of 58.com Inc. (WUBA) breached their fiduciary duties or violated the federal securities laws in connection with the company’s proposed merger with Quantum Bloom Group Ltd. On June 15, 2020, 58.com announced that it had signed an agreement to be acquired by Quantum Bloom Group Ltd for approximately $8.7 billion. Pursuant to the merger agreement, 58.com’s stockholders will receive $28.00 in cash for each class A or B share and $56.00 in cash for each American depositary share (“ADS”) of 58.com owned.
(Bloomberg) -- 58 Home, the maid and home-maintenance service owned by China’s Craigslist equivalent 58.com Inc., has delayed its planned U.S. initial public offering, according to people familiar with the matter, as the coronavirus outbreak cripples customer demand.The company’s pre-IPO financing round -- a private fundraising effort that started late last year -- also hasn’t been completed, said the people, who asked not to be named because the information is private. The IPO had been expected to take place in the first half of the year.Shares of 58.com Inc. fell 4.9% in New York trading, the biggest decline since September.The 58 Home’s move adds to the list of IPO setbacks amid the virus outbreak. Restaurant operator Daikiya Group Holdings Ltd. on Wednesday canceled its first-time share sale in Hong Kong, while Chinese biotech firm InnoCare Pharma Ltd. has postponed investor meetings for its planned listing in the financial hub.Read: Virus Hits World’s No.1 IPO Market as Investor Meetings ScrappedThe virus has killed at least 1,355 people in China as of Thursday. People across the nation have been minimizing personal contact for fear of contracting the disease, hurting 58 Home’s on-demand services including part-time cleaners and home handymen.“Obviously, the virus outbreak has affected home and cleaning services -- that entire sector has almost been brought to a standstill,” 58 Home said in a statement. “Our short-term revenue will be affected.”The firm declined to comment on its IPO and fundraising plans.The company added it is facing a severe shortage of maids, and 30 million people in the home and cleaning-services sectors could lose their jobs if the outbreak continues.Workers StrandedMany workers are still stranded in their hometowns, where they traveled for Lunar New Year celebrations, and haven’t been able to return to major cities after the authorities curtailed travel to try to contain the virus.To ensure the health of maids who work on its platform, 58 Home has been logging their travel history, and offering masks and temperature checks.Locally known as 58 Daojia, the company has been seeking funds to bankroll an expansion into China’s competitive online services arena. It was aiming for a valuation of as much as $2 billion in a U.S. IPO.58 Home is one of China’s leaders in helping people connect online with services from flower delivery to home cleaning. Backed by Tencent Holdings Ltd., it’s vying against deeper-pocketed rivals such as Meituan Dianping and businesses operated by e-commerce leader Alibaba Group Holding Ltd. All are targeting a slice of a market for physical, on-demand services that are being disrupted by online technology.58.com’s unit raised its last private funding round in 2015, garnering $300 million from investors including Alibaba, KKR & Co. and Ping An Group. Parent 58.com holds 68.8% of the company’s equity interest but doesn’t consolidate the unit’s financials in its own results, according to its annual filing.(Updates to add 58.com Inc. share price in third paragraph)To contact the reporters on this story: Lulu Yilun Chen in Hong Kong at firstname.lastname@example.org;Dong Cao in Beijing at email@example.comTo contact the editors responsible for this story: Candice Zachariahs at firstname.lastname@example.org, Peter Vercoe, Fion LiFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- 58 Home, owned by China’s Craigslist equivalent 58.com Inc., is close to completing a private fundraising en route to a U.S. initial public offering that could value the online services platform at as much as $2 billion, people familiar with the matter said.The business, known locally as 58 Daojia, is seeking funds to bankroll an expansion into China’s competitive online services arena. It’s now wrapping up a pre-IPO financing round at a valuation of more than $1 billion, the people said, requesting not to be named because the matter is private. Once that’s done, 58 Home intends to prepare for a U.S. debut in which it will seek a valuation of between $1.5 billion and $2 billion, one of the people said.Deliberations are at an early stage and details of the potential offering could still change, the people said. Liu Cong, a spokesman for 58.com, declined to comment, while a representative for 58 Home also had no comment. 58.com’s shares rose 2% in New York.58 Home is one of China’s leaders in helping people connect online with services from flower delivery to home-cleaning. Backed by Tencent Holdings Ltd., it’s vying for market share however against deeper-pocketed rivals such as Meituan Dianping and certain businesses operated by e-commerce leader Alibaba Group Holding Ltd. All are eyeing a slice of a market for physical, on-demand services still largely undisrupted by online technology.58.com’s unit raised its last private funding round in 2015, garnering $300 million from investors including Alibaba, KKR and Ping An Group. Parent 58.com holds 68.8% of the company’s equity interest but doesn’t consolidate the unit’s financials in its own results, according to its annual filing.(Updates with shares in third paragraph)\--With assistance from Julia Fioretti and Manuel Baigorri.To contact Bloomberg News staff for this story: Lulu Yilun Chen in Hong Kong at email@example.com;Dong Cao in Beijing at firstname.lastname@example.orgTo contact the editors responsible for this story: Peter Elstrom at email@example.com, ;Fion Li at firstname.lastname@example.org, Edwin ChanFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
58.com Inc. (WUBA) is looking like an interesting pick from a technical perspective, as the company is seeing favorable trends on the moving average crossover front.
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