GUANGZHOU, China, Oct. 31, 2012 /PRNewswire-FirstCall/ -- 7 Days Group Holdings Limited (NYSE: SVN; "7 Days Group" or the "Company"), a leading economy hotel chain based in China, announced today that the special committee of the Company's board of directors (the "Special Committee"), consisting of Mr. Tan Wee Seng and Mr. Bin Dai, has retained J.P. Morgan Securities ( Asia Pacific) Limited ("J.P. Morgan") as its financial advisor and Baker & McKenzie as its United States legal counsel.
J.P. Morgan and Baker & McKenzie will assist the Special Committee in reviewing and evaluating the preliminary non-binding proposal received from the Company's co-founders and co-chairmen of its board of directors, Mr. Boquan He and Mr. Nanyan Zheng, and their respective affiliates, Sequoia Capital China and affiliates of the Carlyle Group (collectively, the "Consortium Members") on September 26, 2012, to acquire all of the outstanding shares of the Company not currently owned by the Consortium Members in a going private transaction (the "Proposed Transaction"). J.P. Morgan and Baker & McKenzie will also assist the Special Committee in reviewing and evaluating any additional proposals that may be made by the Consortium Members or other parties, if any.
O'Melveny & Myers LLP is acting as the Company's legal counsel and Maples & Calder is acting as the Company's outside counsel for matters relating to Cayman Islands law.
The Special Committee has not set a definitive timetable for the completion of its evaluation of the Proposed Transaction or any other alternative transaction (if any) and does not currently intend to announce developments unless and until an agreement has been reached. However, there can be no assurance that any definitive offer will be made, that any agreement will be executed or that the Proposed Transaction or any other transaction will be approved or consummated.