Sina Corp.agreed to go private after an entity led by its chairman, Charles Chao, boosted its offer for the Chinese social media company to $43.30 a share in cash, reported Caixin.
The Beijing-based company said the offer implied an equity value for the company of $2.59 billion and represented a 7.7% premium over its closing price Sept. 25. It’s also an increase from an original buyout proposal New Wave Holdings Ltd. made in July at $41 a share.
Sina’s unaudited second-quarter net revenues fell 5% to $507.7 million, the company reported Monday. The drop reflects weakening advertising revenues, which declined 10% year-on-year.
Net loss attributable to ordinary shareholders for the second quarter was $25.4 million, compared with a loss of $51.4 million a year ago, the company said.