SHANGHAI, March 9, 2016 /PRNewswire/ -- Homeinns Hotel
Group ("Homeinns" or the "Company") (NASDAQ: HMIN), a leading
economy hotel chain in China,
today announced that Glass Lewis & Co., LLC ("Glass Lewis") has
recommended that Homeinns shareholders vote FOR, among other
proposals, the proposal to authorize and approve the Company's
previously announced agreement and plan of merger (the "Merger
Agreement"), dated as of December 6,
2015, by and among the Company, BTG Hotels Group (HONGKONG)
Holdings Co., Limited ("Holdco"), a wholly owned subsidiary of BTG
Hotels (Group) Co., Ltd., a PRC joint stock company that is listed
on the Shanghai Stock Exchange ("BTG Hotels"), BTG Hotels Group
(CAYMAN) Holding Co., Ltd ("Merger Sub"), a wholly owned subsidiary
of Holdco, and solely for the purposes of certain sections thereof,
BTG Hotels. Pursuant to the Merger Agreement, Holdco will acquire
the Company (other than the rollover shares as specified in the
Merger Agreement) for cash consideration of US$17.90 in cash per ordinary share or
US$35.80 in cash per American
depositary share ("ADS") of the Company, each representing two
ordinary shares, in each case, without interest and net of any
applicable withholding taxes, and Merger Sub will be merged with
and into the Company with the Company continuing as the surviving
company (the "Merger").
Glass Lewis is a leading independent international proxy
advisory firm, and its voting analyses and recommendations are
often relied upon by institutional investment firms, mutual funds
and fiduciaries throughout the world.
The Company's extraordinary general meeting of shareholders (the
"EGM") to consider and vote on, among other things, the Merger
Agreement, the plan of merger required to be filed with the
Registrar of Companies of the Cayman
Islands (the "Plan of Merger") and the transactions
contemplated thereby, including the Merger, will be held on
March 25, 2016 at 10:00 a.m. (Shanghai time), at the executive offices of
the Company located at No. 124 Caobao Road, Xuhui District,
Shanghai 200235, People's Republic of China.
Shareholders of record at the close of business in the
Cayman Islands on March 4, 2016 will be entitled to attend and vote
at the EGM. ADS holders as of the close of business in New York City on February 23, 2016 will be entitled to instruct
The Bank of New York Mellon, in its capacity as the ADS depositary,
to vote the shares represented by their ADSs at the EGM, and are
reminded that the deadline to deliver their voting instructions to
the ADS depositary is 5:00 p.m.
(New York City time) on
March 21, 2016.
The Company's shareholders and ADS holders are urged to read
carefully and in their entirety the transaction statement on
Schedule 13E-3 and the proxy statement attached as Exhibit (a)-(1)
thereto, as amended, filed with the U.S. Securities and Exchange
Commission (the "SEC"), which can be obtained, along with other
filings containing information about the Company, the proposed
Merger and related matters, without charge, from the SEC's website
(www.sec.gov).
The Company has also retained MacKenzie Partners, Inc. as its
proxy solicitor to assist it in connection with its upcoming EGM.
Shareholders and ADS holders who have questions about the Merger
Agreement or the Merger, need additional copies of the Company's
proxy materials, or need assistance in voting their ordinary shares
or ADSs are encouraged to contact MacKenzie Partners by email at
proxy@mackenziepartners.com or by phone at +1 (800) 322-2885 (toll
free) or at +1 (212) 929-5500 (outside of the United States).
If shareholder approval of the Merger Agreement, the Plan of
Merger and the transactions contemplated thereby, including the
Merger, is obtained at the EGM, subject to satisfaction of the
other closing conditions, the Merger is expected to be consummated
shortly thereafter. If and when completed, the Merger would result
in the Company becoming a privately-held company and its ADSs would
no longer be listed on NASDAQ. In addition, the ADSs and the
Company's ordinary shares represented by the ADSs will cease to be
registered under Section 12 of the Securities Exchange Act of
1934.
Cautionary Statement concerning Forward Looking
Statements
This document may include certain statements that are not
descriptions of historical facts, but are forward-looking
statements. Forward-looking statements can generally be identified
by the use of forward-looking terminology such as "will," "should,"
"may," "believes," "expects" or similar expressions. Such
statements include, among others, those concerning how the
Company's shareholders will vote at the meeting of shareholders,
the possibility that various closing conditions for the transaction
may not be satisfied or waived and the Merger may not occur and
other risks and uncertainties discussed in documents filed with the
SEC by the Company, as well as the Schedule 13E-3 transaction
statement and the proxy statement filed by the Company. All of such
assumptions are inherently subject to uncertainties and
contingencies beyond the Company's control and based upon premises
with respect to future business decisions, which are subject to
change. The Company does not undertake any obligation to update any
forward-looking statement, 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.
For more information, 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