Chinese news and social media company Sina, one of the country’s internet pioneers, has received a $2.7bn management buyout offer which would spell the end of its 20-year-long listing on Nasdaq.
The $41-per-share offer represents a 20 per cent premium to the average closing price over the last 30 days and a 12 per cent premium to its closing price on Thursday. Shares in Sina rose 9.5 per cent after the news.
The proposal would entail Charles Chao, Sina’s chairman and chief executive, taking the company private, including its 45 per cent stake in Weibo, China’s version of Twitter, which is also listed on Nasdaq. The stake includes 71 per cent of Weibo’s voting shares and control over its board.
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