Alibaba (BABA) Takeover of Sina (SINA) Not Imminent

Sina Corp (NASDAQ: SINA) is surging today on rumors online that Alibaba (NYSE: BABA) may acquire the company. Adding credence that the long-rumored deal may finally come to fruition was comments from analysts at 86Research. In a note to client today, 86Research said a deal makes sense given the fact that Alibaba is very acquisitive and it would be a cheap and easy way to gain control of the 58% stake of Weibo (NASDAQ: WB) held by SINA.

While rumors persist and clearly driving today's 5.9% move higher in SINA, sources say nothing is imminent and in fact may never happen at all. At Alilbaba it is all hands on deck for the 11/11 'Singles' Day.' Given the importance of the holiday it is the single focus of everyone at Alibaba, from management on down. This means a deal, if it were even being considered, would not happen until at least after Thanksgiving.

You May Also Be Interested In

• Neurocrine Bio. (NBIX) PT Raised to $200 at Truist Securities
• Myriad Uranium sets Aug. 17 shareholder vote on Rush Rare Metals deal
• Diana Shipping extends Genco tender offer deadline to July 24