7 Days Group Holdings Limited Special Committee Appoints Financial
Advisor and Legal Counsel
GUANGZHOU, China, Oct. 31, 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 the special
committee of the Company's board of directors (the "Special
Committee"), consisting of Mr. Tan Wee
Seng and Mr. Bin Dai, has retained J.P. Morgan Securities
(Asia Pacific) Limited ("J.P.
Morgan") as its financial advisor and Baker & McKenzie as its
United States legal counsel.
J.P. Morgan and Baker & McKenzie will assist the Special
Committee in reviewing and evaluating the preliminary non-binding
proposal received from 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") on
September 26, 2012, to acquire all of
the outstanding shares of the Company not currently owned by the
Consortium Members in a going private transaction (the "Proposed
Transaction"). J.P. Morgan and Baker & McKenzie will also
assist the Special Committee in reviewing and evaluating any
additional proposals that may be made by the Consortium Members or
other parties, if any.
O'Melveny & Myers LLP is acting as the Company's legal
counsel and Maples & Calder is acting as the Company's outside
counsel for matters relating to Cayman
Islands law.
The Special Committee has not set a definitive timetable for the
completion of its evaluation of the Proposed Transaction or any
other alternative transaction (if any) and does not currently
intend to announce developments unless and until an agreement has
been reached. However, there can be no assurance that any
definitive offer will be made, that any agreement will be executed
or that the Proposed Transaction 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 includes statements that may constitute
forward-looking statements made pursuant to the safe harbor
provision of the 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. The
Company may also make written or oral forward-looking statements in
its periodic reports to the U.S. Securities and Exchange Commission
on forms 20-F and 6-K, in its annual report to shareholders, 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 the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. A number of important factors
could cause actual results to differ materially from those
contained in any forward-looking statement. Potential risks and
uncertainties include, but are not limited to, risks outlined in
the Company's filings with the U.S. Securities and Exchange
Commission, including its registration statements on Form F-1, F-3
and annual reports on Form 20-F, in each case as amended. The
Company does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
For further information, please contact:
Investor Contact:
Vivian
Chen, Investor Relations Director
7 Days Group Holdings Limited
Tel: +86-20-8922-5858
IR@7daysinn.cn
Investor Relations (HK):
Mahmoud Siddig, Managing
Director
Taylor Rafferty
Tel: +852-3196-3712
Investor Relations (US):
Marc Raybin, Director
Taylor Rafferty
Tel: +1-212-889-4350
7DaysInn@taylor-rafferty.com
SOURCE 7 Days Group Holdings Limited