7 Days board agrees to PE-backed buyout
Chinese budget hotel chain 7 Days Group has accepted a take-private offer from its co-chairmen and three private equity investors that values the company at approximately $688 million. Two PE firms, The Carlyle Group and Sequoia Capital, were initially backing the deal but an affiliate of Actis Capital has decided to roll over its existing holding into the acquisition vehicle.
The buyer consortium, led by Boquan He and Nanyan Zheng, 7 Days' co-chairmen, will pay $13.80 per American Depository Share, a 30.6% premium to the last close prior to the submission of the offer on September...
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