Weibo-owner Sina to go private in $2.6 billion deal with CEO-led firm

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(Reuters) - Sina Corp <SINA.O>, owner of social media platform Weibo <WB.O>, 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.
U.S.-listed shares of Sina rose more than 6% in premarket trading.
Chao's holding company, New Wave, is the largest shareholder of Sina, with a 12.15% stake as of July 10, according to Refinitiv-Eikon data.
Many Chinese companies are opting out of U.S. stock exchanges, following rising tensions between the world's two largest economies, by considering go-private deals or returning to equity markets closer to home.
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