China's Weibo owner Sina to be taken private by CEO in $2.6b deal

The logo of Sina Corp.'s Sina Weibo microblog service is displayed on an Apple Inc. iPad and iPhone in an arranged photograph in Hong Kong, China, on Wednesday, Feb. 5, 2014. Photographer: Brent Lewin/Bloomberg

Sina Corp, owner of social media platform Weibo, will be taken private in a $2.6 billion deal with Chief Executive Officer Charles Chao, the Chinese internet company said on Monday.

The offer price of $43.3 per share is at an 18% premium to the stock’s closing price on July 2, the last trading day before Sina received the preliminary offer of $41 per share.

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