Chinese online media company Sina has received a preliminary non-binding privatization offer of $41 per share. The company is up more than 10 percent pre-market, with its shares trading close to $41 on the news.
The company making the offer is New Wave MMXV Limited, which is led by Sina's chairman and Chief Executive Officer Cao Guowei.
The privatization offer is 11.8% above Thursday's closing price of $36.67.
Sina was founded in November 1998.
In April 2000, Sina went public on the Nasdaq with an IPO price of $17.
In 2011, the company surged to $147 on the rise of microblogging.
Its shares closed at $36.67 last Thursday, giving it a market capitalization of about $2.4 billion.
In 2019, Sina's net revenue for the year was $1.77 billion, including $1.53 billion from advertising and marketing and $240 million from value-added Weibo services. Net income for the year was approximately $500 million.