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

Sina Corp, 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 stock’s close on July 2, the last trading day before Sina received the preliminary offer of $41 per share.

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.