SHANGHAI, March 15, 2016 /PRNewswire/ -- Homeinns Hotel
Group ("Homeinns" or the "Company") (NASDAQ: HMIN), a leading
economy hotel chain in China,
today announced BTG Hotels (Group) Co., Ltd., a PRC joint stock
company that is listed on the Shanghai Stock Exchange ("BTG
Hotels"), has received clearance from the Ministry of Commerce of
the People's Republic of China
pursuant to the Anti-Monopoly Law of the
People's Republic of China ("PRC Anti-Monopoly Clearance")
with respect to the merger (the "Merger") contemplated by the
previously announced Agreement and Plan of Merger (the "Merger
Agreement"), dated December 6, 2015,
by and among the Company, BTG Hotels Group (HONGKONG) Holdings Co.,
Limited ("Holdco"), BTG Hotels Group (CAYMAN) Holding Co., Ltd.
("Merger Sub"), and, solely for purposes of certain sections
thereof, BTG Hotels.
BTG Hotels has now received all of the required regulatory
approvals to consummate the Merger, including the PRC Anti-Monopoly
Clearance, the approval by the State-owned Assets Supervision and
Administration Commission of the Beijing Municipal Government of
the PRC and the overseas investment filing with the PRC National
Development and Reform Commission. In addition, BTG Hotels
shareholders approved the Merger in January
2016.
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 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. As previously announced,
each of Institutional Shareholder Services Inc., Glass Lewis &
Co., LLC and Egan-Jones Proxy Services has recommended that the
Company's shareholders vote FOR, among other proposals, the
proposal to authorize and approve the Merger Agreement, the Plan of
Merger and the transactions contemplated thereby, including the
Merger.
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 and when completed, the Merger will result in the Company
becoming a privately-held company and the American depositary
shares of the Company ("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. 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
Homeinns 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