SHANGHAI, March 25, 2016 /PRNewswire/ -- Homeinns
Hotel Group ("Homeinns" or the "Company") (NASDAQ: HMIN), a leading
economy hotel chain in China,
today announced that, at an extraordinary general meeting of
shareholders held today, the Company's shareholders voted in favor
of the proposal to authorize and approve the 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, a
company incorporated under the laws of the Hong Kong Special
Administrative Region ("Holdco"), BTG Hotels Group (CAYMAN) Holding
Co., Ltd, an exempted company with limited liability incorporated
under the laws of the Cayman
Islands and a wholly owned subsidiary of Holdco ("Merger
Sub") and, solely for purposes of certain sections thereof, BTG
Hotels (Group) Co., Ltd., a joint stock company established and
existing under the laws of the People's
Republic of China, pursuant to which Merger Sub will be
merged with and into the Company with the Company continuing as the
surviving company (the "Merger"), 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 by the Merger Agreement and the Plan of
Merger, including the Merger.
78,204,067 ordinary shares (including ordinary shares
represented by the Company's American depositary shares
("ADSs"), each of which represents two ordinary shares) were voted
in person or by proxy at today's extraordinary general meeting,
representing approximately 80.16% of the Company's total
outstanding ordinary shares entitled to vote at the extraordinary
general meeting. Of those ordinary shares voted at the
extraordinary general meeting, approximately 99.14% were voted in
favor of the proposal to authorize and approve the Merger
Agreement, the Plan of Merger and the transactions contemplated by
the Merger Agreement and the Plan of Merger, including the
Merger.
Completion of the Merger is subject to the satisfaction or
waiver of the conditions set forth in the Merger Agreement. The
Company will work with various other parties to the Merger
Agreement to satisfy all other conditions precedent to the Merger
and expects to complete the Merger soon. If and when completed, the
Merger will result in the Company becoming a privately-held company
and its ADSs will no longer be listed on the NASDAQ Global Market.
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 the expected
timing of the completion of the Merger; the possibility that
various closing conditions for the Merger may not be satisfied or
waived and the Merger may not occur and other risks and
uncertainties discussed in documents filed with the U.S. Securities
and Exchange Commission by the Company, including the Schedule
13E-3 transaction statement and the proxy statement. 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