Deals

Sina Gets $41-a-Share Buyout Proposal From CEO’s Company

Chao’s New Wave and beneficiaries have 58% of voting power
Weibo operator Sina would be valued at $2.7 billion in deal

Watch: Sina Corp., the operator of social media website Weibo, says it’s received an offer to “go private” from a holding company led by its own CEO. (Source: Bloomberg)

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By Crystal Tse

July 6, 2020 at 6:20 PM UTC

Updated on

July 7, 2020 at 1:33 AM UTC

This article is for subscribers only.

Sina Corp., a Chinese social media company, has received a take-private proposal for $41 a share from an entity led by its chairman.

The company said in a statement Monday that New Wave MMXV Ltd., the anglicized name of Sina, submitted a preliminary non-binding proposal letter dated Monday for a “going private” transaction. New Wave is controlled by Charles Chao, chairman and chief executive officer of Sina, according to the statement.