Chinese real-time interactive social platform YY Inc announced that the company's board members had received a non-binding proposal letter to go private from its chairman and CEO, media reported Thursday night.
The company's chairman Lei Jun, along with its CEO Li Xueling, proposed to purchase all outstanding shares that they do not hold for $68.5 per American depositary share (ADS), according to media reports.
The company's share price increased about 7 percent in pre-market trading Thursday (US time). It was listed on the NASDAQ in November 2012.
YY was launched in 2008 and its core product empowers users to create and organize groups to participate in a wide range of online activities such as music and entertainment and online dating, according to the company's website.
