Weibo owner Sina to be taken private by CEO in $2.6 billion deal | HT Tech

Weibo owner Sina to be taken private by CEO in $2.6 billion deal

The Chao-controlled holding company, New Wave, owns a 12.15% stake in Sina as of July 10 and is the largest shareholder of the company.

By:REUTERS
| Updated on: Sep 29 2020, 03:00 IST
The offer price of $43.3 represents an 18% premium to the stock's close on July 2.
The offer price of $43.3 represents an 18% premium to the stock's close on July 2. (REUTERS)

Sina Corp, the owner of social media platform Weibo, will be taken private by a holding company led by Chief Executive Officer Charles Chao in a $2.6 billion deal, the Chinese internet company said on Monday.

The offer price of $43.3 represents an 18% premium to the stock's close on July 2, the last trading day before Sina received the preliminary offer of $41 per share.

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The Chao-controlled holding company, New Wave, owns a 12.15% stake in Sina as of July 10 and is the largest shareholder of the company, according to Refinitiv-Eikon data.

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Interest in Chinese take-private deals has been rising following tensions between China and the United States, with several companies considering whether to keep a New York listing or move instead to Shanghai, Shenzhen or Hong Kong.

The US-listed shares of Sina were up about 8% in premarket trading.

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First Published Date: 29 Sep, 03:00 IST
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