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China tech

Nasdaq-listed Sina accepts higher $2.6bn buyout bid from CEO

Chinese internet pioneer, traded in US since 2000, to go private

HONG KONG -- Sina, the Chinese company behind the popular Twitter-like microblog Weibo, said on Monday that its board accepted an updated go-private offer by Chairman and CEO Charles Chao that values the company at $2.59 billion, slightly higher than previously proposed.

The new offer will give each shareholder $43.30 in cash for each ordinary share they own, compared with the $41 that Chao initially offered in July. The board's decision was made after a unanimous recommendation by a committee formed earlier to evaluate the deal, Beijing-based Sina said.

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