RTTNews | Sep 28, 2020 10:14AM EDT

10:13 Monday, September 28, 2020 (RTTNews.com) - Shares of SINA Corp. (SINA) gained nearly 6% on Monday morning after the owner of social media platform Weibo said it decided to go private in a $2.6 billion deal.

SINA is currently trading at $42.58, up $2.40 or 5.96%, on the Nasdaq.

The Chinese online media company said it has agreed with New Wave Holdings Ltd, a firm led by SINA CEO Charles Chao, to be taken private in an all-cash transaction implying an equity value of around $2.59 billion.

The offer price is $43.30 per share, representing a 7.7% premium to its closing price on September 25. It also represents an 18% premium to the stock's closing price on July 2, the last trading day before SINA received its initial offer of $41 per share.

The deal is expected to close during the first quarter of 2021.

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