Benzinga | Jul 6, 2021 07:52AM EDT

Weibo's Chao, State Investor Look To Offer $90-$100 Per Share To Take Weibo Private

-Reuters

Weibo Corp WB.O chairman Charles Chao and a state investor are in talks to take the Chinese company private in a deal which would value the Twitter-like firm at at least $20 billion and facilitate major shareholder Alibaba Group Holding Ltd's BABA.N exit, two sources said.

Chao, whose holding company New Wave is the largest shareholder of Weibo, is teaming up with a Shanghai-based state firm to form a consortium for the deal, said the sources and a separate person, who have direct knowledge of the matter.

The identity of the state firm could not immediately be determined