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Chinese hotel chain 7 Days receives go private offer from co-chairmen
September 26, 2012 / 6:26 PM / 5 years ago

Chinese hotel chain 7 Days receives go private offer from co-chairmen

Sept 26 (Reuters) - Chinese economy hotel chain 7 Days Group Holdings Ltd said a group led by its co-chairmen has proposed to take it private in a deal valued at $634.7 million.

The group of shareholders, including co-chairmen Boquan He and Nanyan Zheng as well as the Carlyle Group and Sequoia Capital China, has offered $12.70 per American depositary share, representing a premium of 20 percent over its Tuesday close of $10.57.

Warburg Pincus is the largest shareholder with a 16 percent stake in the company, which runs limited-service hotels under the 7 Days Inn brand.

The group is planning to finance the deal through equity capital and debt.

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