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Illustration: Rebecca Zisser/Axios

Sina Corp. (Nasdaq: SINA), parent company of Chinese social media platform Weibo (Nasdaq: WB), received a $2.68 billion takeover offer led by company chairman and CEO Charles Chao.

Why it matters: This comes in the context of the White House talking about strengthening rules on foreign tech companies listed on U.S. exchanges, and a new threat from Secretary of State Pompeo to ban Chinese social media apps like TikTok from operating in the United States.

Details: The offer, officially made by a holding company called New Wave, is for $41 per Sina Corp. share in cash, which would represent a 12% premium over last Thursday's closing price. New Wave already holds a 13% stake in Sina Corp., which has a 45% equity stake and 71% voting rights stake in Weibo.

The bottom line: "The interest in Chinese take-private deals has been rising following tensions between China and the United States, with several companies considering whether to keep a New York listing or move instead to Shanghai, Shenzhen or Hong Kong." ⁠— Ayanti Bera, Reuters

Go deeper

Dan Primack, author of Pro Rata
Sep 23, 2020 - Economy & Business

GoodRx prices IPO at $33 per share, valued at $12.7 billion

Illustration: Sarah Grillo/Axios

GoodRx, a price comparison app for prescription drugs at local pharmacies, on Tuesday night raised $1.14 billion in its IPO, Axios has learned.

By the numbers: GoodRx priced its shares at $33 a piece, above its $24-$28 per share offering range, which will give it an initial market cap of around $12.7 billion.

TikTok asks court for temporary halt of U.S. ban

Illustration: Sarah Grillo/Axios

TikTok has filed in D.C. federal court a request for a preliminary injunction against President Trump's executive order banning the app.

Why it matters: The Chinese-owned TikTok is in the crosshairs of mounting tensions between the U.S. and Beijing, culminating in Trump issuing a ban of the app unless it can be sold to American owners. The result has been a messy process that is still waiting final approvals.

Texas Republicans pass new congressional maps in their favor

Photo: Matthew Busch/Bloomberg via Getty Images

The Texas House voted 84-59 late Monday to approve new congressional district maps that reduce the number of districts with Black and Hispanic majorities, per the Texas Tribune.

Why it matters: The legislation comes after recent census figures found Texas' growing diverse population doesn't bode well for Republicans, who then worked to protect incumbents with the redrawn maps.