Weibo-owner Sina gets buyout bid at 12per cent premium from CEO-led company

📆 7/7/2020 2:20 am
📰 ChannelNewsAsia

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Sina Corp , the owner of media social platform Weibo, said on Monday it had received a go-private offer of US$41 per share in cash from a holding ...

Sina Corp , the owner of media social platform Weibo, said on Monday it had received a go-private offer of US$41 per share in cash from a holding company led by its Chief Executive Officer Charles Chao.

The transaction stands at a value of about US$2.7 billion, according to Reuters calculations based on the current outstanding shares and represents a premium of nearly 12per cent as of Friday's stock closing price.New Wave, which is controlled by Chao, already owns 12.15per cent stake in Sina, according to Refinitiv-Eikon data.

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