7 Days Group Holdings Announces Completion Of Merger - Quick Facts

(RTTNews) - China-based economy hotel chain 7 Days Group Holdings Ltd. (SVN) said Friday it has closed its merger with Keystone Lodging Co. Ltd. (Parent), Keystone Lodging Acquisition Ltd. (Merger Sub), and Keystone Lodging Holdings Ltd (Holdco). As a result, the company became a wholly owned subsidiary of Parent.

As per the terms, all of the company's ordinary shares and ADS have been cancelled in exchange for the right to receive $4.60 per ordinary share or US$13.80 per ADS in cash, except for certain shares held by Boquan He, Nanyan Zheng, Happy Travel Limited, Chien Lee, Qiong Zhang and Minjian Shi (collectively, the Rollover Shareholders), among others.

The company also announced that it requested that trading of its ADSs on the New York Stock Exchange to be suspended beginning on July 8.