The Firm is representing the Special Committee of the Board of Directors of Homeinns Hotel Group (“Homeinns”) (NASDAQ: HMIN), a leading economy hotel chain in China, in connection with a proposed going private transaction by a consortium comprised of BTG Hotels (Group) Co., Ltd., a PRC joint stock company that is listed on the Shanghai Stock Exchange and principally engaged in the management of hotels and tourism destinations (SHA: 600258) (“BTG Hotels”), Poly Victory Investments Limited, Ctrip.com International, Ltd. and certain directors and officers of Homeinns. Homeinns entered into a definitive merger agreement with BTG Hotels Group (HONGKONG) Holdings Co., Limited (“Holdco”), a wholly owned subsidiary of BTG Hotels, BTG Hotels Group (CAYMAN) Holding Co., Ltd (“Merger Sub”), a wholly owned subsidiary of Holdco, and solely for the purposes of certain sections of the Merger Agreement, BTG Hotels.
Pursuant to the merger agreement, Holdco will acquire all of the outstanding ordinary shares and ADSs of Homeinns (other than certain shares held by certain rollover shareholders) for cash consideration of US$17.90 per share or US$35.80 per ADS (each ADS representing two ordinary shares of Homeinns). In the merger, Merger Sub will merge with and into Homeinns, with Homeinns surviving the merger as the surviving company.
The merger is expected to close in the first half of 2016 and is subject to customary closing conditions, including receipt of the requisite approval of the merger by the Homeinns shareholders, the requisite approval of the merger by the BTG Hotels shareholders and certain required regulatory approvals.
The Simpson Thacher team leading this transaction includes Katie Sudol, Wei Li and Sonya Ho (M&A).