GUANGZHOU, China, Oct. 8, 2012 /PRNewswire-FirstCall/ -- 7 Days
Group Holdings Limited (NYSE: SVN; "7 Days Group" or the
"Company"), a leading economy hotel chain based in China, announced today that it has established
a special committee of its board of directors (the "Special
Committee") to consider the proposal letter, dated September 26, 2012, from a consortium of
investors comprised of the Company's co-founders and co-chairmen of
its board of directors, Mr. Boquan He and Mr. Nanyan Zheng, and
their respective affiliates, Sequoia Capital China and affiliates
of the Carlyle Group (collectively, the "Consortium Members"), to
acquire all of the outstanding shares of the Company not currently
owned by the Consortium Members in a going private transaction.
The Special Committee is composed of the following independent
directors of the Company: Mr. Tan Wee
Seng and Mr. Bin Dai. The Special Committee will retain a
financial advisor and legal counsel to assist it in its work. The
Board of Directors cautions the Company's shareholders that no
decisions have been made by the Special Committee with respect to
the Company's response to the proposal and 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.
ABOUT 7 DAYS GROUP
7 Days Group is a leading and fast growing national economy
hotel chain based in China. It converts and operates limited
service economy hotels across major metropolitan areas in
China under its award-winning "7
Days Inn" brand. The Company strives to offer consistent and
high-quality accommodations and services primarily to the growing
population of value-conscious business and leisure travelers who
demand affordable, clean, comfortable, convenient and safe lodging,
and to respond to its guests' needs.
CAUTIONARY NOTE ABOUT FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements,
including statements regarding the quarterly earnings forecast,
anticipated performance, general business outlook and projected
results of operations. These statements are made under the "safe
harbor" provisions of Section 21E of the Securities Exchange Act of
1934, as amended. 7 Days Group has based these forward-looking
statements largely on its current expectations and projections
about future events and financial trends that it believes may
affect its financial condition, results of operations, business
strategy and financial needs. 7 Days Group may also make written or
oral forward-looking statements in its reports filed or furnished
with the U.S. Securities and Exchange Commission (the "SEC"), in
press releases and other written materials and in oral statements
made by its officers, directors or employees to third parties.
Statements that are not historical facts, including statements
about beliefs and expectations, are forward-looking statements and
are subject to change, and such change may be material and may have
a material adverse effect on 7 Days Group's financial condition and
results of operations for one or more periods. Forward-looking
statements involve inherent risks and uncertainties. All
forward-looking statements are subject to various risks and
uncertainties, including but not limited to regulatory
developments, deteriorating economic conditions and unavailability
of real estate financing, which could cause actual results to
differ materially from expectations. The factors that could affect
7 Days Group's future financial results are discussed more fully in
7 Days Group's filings with the SEC. Unless otherwise specified,
all information provided in this press release is as of the date of
this press release, and 7 Days Group does not undertake any
obligation to update any such information, except as required under
applicable law.
SOURCE 7 Days Group Holdings Limited