Is Weibo Going Private in Response to Proposed Senate Rules?
China-based online media company Sina (NASDAQ: SINA) announced on Monday that it has received an offer to take the company private. Sina is the parent company of micro-blogging site Weibo (NASDAQ: WB), best known as the Chinese equivalent of Twitter.
The take-private proposal came from New Wave, a holding company controlled by Sina's CEO, Charles Chao. The deal offered $41 in cash per share, which would represent a 12% premium from the stock's closing price on Thursday and value the transaction at about $2.7 billion. New Wave already holds a 12% stake in Sina.
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Source Fool.com
