SHANGHAI, July 14, 2015 /PRNewswire/ -- Homeinns Hotel
Group ("Homeinns" or the "Company") (NASDAQ: HMIN), a leading
economy hotel chain in China,
today announced that its special committee of independent directors
of the Company's Board of Directors (the "Special Committee") has
selected Credit Suisse Securities (USA) LLC ("Credit Suisse") as its financial
advisor and Simpson Thacher &
Bartlett LLP ("STB") as its legal counsel.
As previously announced, the Company's Board of Directors (the
"Board") formed the Special Committee to consider a potential
"going-private" transaction (the "Transaction") for US$32.81 in cash per American depositary share,
proposed by BTG Hotels (Group) Co., Ltd. ("BTG Hotels"), Poly
Victory Investments Limited ("Poly Victory"), Ctrip.com
International, Ltd. ("Ctrip"), Mr. Neil Nanpeng Shen ("Mr. Shen"),
Co-Founder and Co-Chairman of the Board of the Company, James
Jianzhang Liang, Co-Founder and Director of the Company and
Chairman of the Board of Directors and Chief Executive Officer of
Ctrip ("Mr. Liang"), and David Jian
Sun, Chief Executive Officer and Director of the Company
("Mr. Sun," together with BTG Hotels, Poly Victory, Ctrip, Mr. Shen
and Mr. Liang, the "Buyer Group"), in a preliminary non-binding
proposal letter, dated June 11,
2015.
Credit Suisse and STB will assist the Special Committee with its
work in connection with evaluating the proposed Transaction. The
Board cautions the Company's shareholders and others considering
trading in its securities that no decisions have been made by the
Special Committee with respect to the Company's response to the
proposed Transaction. There can be no assurance that any definitive
offer will be made, that any agreement will be executed or that
this or any other transaction will be approved or consummated. The
Company does not undertake any obligation to provide any updates
with respect to this or any other transaction, except as required
under applicable law.
About Homeinns Hotel Group
Homeinns Hotel Group is a leading economy hotel chain in
China based on number of hotels
and hotel rooms as well as geographic coverage of the hotel chain.
Since the Company commenced operations in 2002, it has built
Homeinn as one of the best-known economy hotel brands in
China. In October of 2011, the
Company acquired Motel 168, another well-known hotel chain in
China, as its second economy hotel
brand. Homeinns Hotel Group aims to offer a consistent product and
high-quality services to primarily serve the fast growing
population of value-conscious individual business and leisure
travelers who demand clean, comfortable and convenient lodging.
Homeinns Hotel Group's ADSs, each of which represents two ordinary
shares, are currently trading on the NASDAQ Global Select Market
under the symbol "HMIN." For more information about Homeinns Hotel
Group, please visit http://english.homeinns.com.
Safe Harbor
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates" and similar statements. Any statements in
this press release that are not historical facts are
forward-looking statements that involve factors, risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Such factors and
risks include our anticipated growth strategies; our future results
of operations and financial condition; the economic conditions of
China; the regulatory environment
in China; our ability to attract
customers and leverage our brands; trends and competition in the
lodging industry; the expected growth of the lodging market in
China; and other factors and risks
detailed in our filings with the Securities and Exchange
Commission. This press release also contains statements or
projections that are based upon information available to the
public, as well as other information from sources which management
believes to be reliable, but it is not guaranteed by us to be
accurate, nor does it purport to be complete. We undertake no
obligation to update or revise to the public any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by applicable law.
For investor and media inquiries, please contact:
Mingjia Ding
Homeinns Hotel Group
Tel: +86-21-3337-3333*3870
Email: mjding@homeinns.com
Cara O'Brien
FTI Consulting
Tel: +852-3768-4537
Email: cara.obrien@fticonsulting.com
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SOURCE Homeinns