Momo’s chief executive wants an exclusive relationship with the firm that operates the popular Chinese dating app.
Tang Yan and his backers have offered to buy the 48 percent of the American depositary shares they don’t already own for US$18.90 each in cash, a 21 percent premium over Monday’s closing price, The Wall Street Journal reported.
Founded in 2011, Beijing-based Momo is a mobile instant messaging app that allows users to post profiles and pictures of themselves.
The app tells users when others with “common interests” are nearby. Momo offers games as well.
It is becoming a trend for Chinese chief executives to take their US-traded companies private in the hope of relisting at home to fetch higher valuations.
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