Chinese economy hotel chain 7 Days Group Holdings Ltd has reported a group led by its co-chairmen has proposed to take it private in a deal valued at $634.7 million, writes Reuters. The group of shareholders, including co-chairmen Boquan He and Nanyan Zheng as well as the Carlyle Group and Sequoia Capital China, has offered $12.70 per American depositary share, writes Reuters.
Reuters – Chinese economy hotel chain 7 Days Group Holdings Ltd said a group led by its co-chairmen has proposed to take it private in a deal valued at $634.7 million.
The group of shareholders, including co-chairmen Boquan He and Nanyan Zheng as well as the Carlyle Group and Sequoia Capital China, has offered $12.70 per American depositary share, representing a premium of 20 percent over its Tuesday close of $10.57.
Warburg Pincus is the largest shareholder with a 16 percent stake in the company, which runs limited-service hotels under the 7 Days Inn brand.
The group is planning to finance the deal through equity capital and debt.
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