Weibo Owner Sina Going Private in $2.59 Billion Deal

Scratch another big tech company off the list of Chinese stocks traded in the U.S. Online media conglomerate Sina (NASDAQ: SINA) announced today that it is being taken private by companies affiliated with its CEO, Charles Chao. That group will pay roughly $2.59 billion for Sina's outstanding ordinary shares.

Under the terms of the deal, the investors are handing over $43.30 per share in cash for the Nasdaq-listed stock of the company. That represents a premium of nearly 8% on Sina's closing stock price on Friday.

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Source Fool.com