Sina Gets $41-a-Share Buyout Proposal From CEO’s Company (1)

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.

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)

At $41, the U.S.-listed company would be valued at about $2.7 billion, an 11.8% premium on its last closing price on Thursday.

Sina operates Weibo, a ...