Shares of Chinese social media company Weibo Corporation (WB) are trading a tad lower than 10% initially it gained on the news that Weibo Corporation Chairman Charles Chao is in talks with a state investor to take the company private in a deal valued more than $20 billion, according to Reuters.
Later the company’s Chairman Charles Chao reportedly denied it saying he had no discussion with anyone regarding privatization of the company.
The initial report was that Chao was partnering with a state investor to form a consortium for the deal, which would also facilitate the exit of Weibo’s major stakeholder Alibaba Group.
WB, currently at $58.94, has been trading in the range of $32.50- $63.55 in the past 52 weeks.
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