Chinese economy hotel chain 7 Days Group (NYSE: SVN ) announced today that the company's shareholders had approved the going-private proposal that was offered up on Feb. 28. Approximately 88.3% of the hotel chain's shares voted on the proposal, and approximately 86% voted in favor of it.
7 Days is selling itself to a consortium of companies led by Keystone Lodging, which will be paying $4.60 per share. Its American depository shares will fetch $13.80 per ADS, as each one represents three shares of the hotelier's common stock.
When the transaction is completed, subject to the satisfaction or waiver of the conditions set forth in the merger agreement, 7 Days Group's stock will be delisted from the New York Stock Exchange. The transaction is expected to close in the second half of the year, however.