7 Days Group Holdings has announced the completion of a merger with Keystone Lodging Company Limited that results in 7 Days becoming a wholly owned subsidiary of its parent Keystone Lodging.
7 Days Holdings, one of the largest economy chains in China, and Keystone Lodging Company Limited announced an agreement and plan of merger on February 28 of this year, which has now come to a close as the Merger Agreement was approved by the 7 Days group's shareholders on June 26.All ordinary shares issued and outstanding immediately prior to the merger have been cancelled in exchange for $4.60 US per share, except for in the cases of several specific rollover shareholders. The 7 Days group also requested the suspension of trading on its shares represented by American depositary on the New York Stock Exchange as of July 8.
