Advertisement
Singapore markets closed
  • Straits Times Index

    3,282.71
    +16.76 (+0.51%)
     
  • Nikkei

    38,229.11
    +155.13 (+0.41%)
     
  • Hang Seng

    18,963.68
    +425.87 (+2.30%)
     
  • FTSE 100

    8,431.17
    +49.82 (+0.59%)
     
  • Bitcoin USD

    62,994.71
    +1,702.34 (+2.78%)
     
  • CMC Crypto 200

    1,303.08
    -54.93 (-4.04%)
     
  • S&P 500

    5,214.08
    +26.41 (+0.51%)
     
  • Dow

    39,387.76
    +331.36 (+0.85%)
     
  • Nasdaq

    16,346.26
    +43.46 (+0.27%)
     
  • Gold

    2,376.70
    +36.40 (+1.56%)
     
  • Crude Oil

    79.60
    +0.34 (+0.43%)
     
  • 10-Yr Bond

    4.4490
    -0.0430 (-0.96%)
     
  • FTSE Bursa Malaysia

    1,601.01
    -0.21 (-0.01%)
     
  • Jakarta Composite Index

    7,088.79
    -34.81 (-0.49%)
     
  • PSE Index

    6,511.93
    -30.53 (-0.47%)
     

CORRECTED-Weibo-owner Sina gets buyout bid at 12% premium from CEO-led company

(Corrects to Thursday's stock closing price from Friday in second paragraph and corrects syntax in first paragraph)

July 6 (Reuters) - Sina Corp, the owner of social media platform Weibo, said on Monday it had received a go-private offer of $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 $2.7 billion, according to Reuters calculations based on the current outstanding shares and represents a premium of nearly 12% as of Thursday's stock closing price.

New Wave, which is controlled by Chao, already owns 12.15% stake in Sina, according to Refinitiv-Eikon data.

ADVERTISEMENT

The 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.

Sina said in a statement that its Board had formed a special committee consisting of independent directors to evaluate the proposed deal. U.S.-listed shares of the Chinese online media company were up about 9% in early trading.

Last month, online classifieds 58.com Inc and car comparison website Bitauto Holdings Ltd also agreed to be taken private. (Reporting by Ayanti Bera in Bengaluru; Editing by Rashmi Aich)