Ctrip to Increase Stake in Home Inns to 18.25%

PR Newswire Asia, 5/08/09

Chinese online travel service provider Ctrip (Nasdaq: CTRP) announced today that it has entered into a definitive purchase agreement to acquire an additional 7.51 mln ordinary shares of Home Inns & Hotels Management (Nasdaq: HMIN) through a private placement of USD 50 mln in equity. The purchase price per ordinary share is set at USD 6.6538 or USD 13.3076 per American Depository Share (ADS).

The transaction will increase Ctrip's ownership in Home Inns by 9.52% to a total of 18.25% of its aggregate basic shares outstanding. Prior to the transaction, Ctrip held 3.44 mln ADS, representing 6.88 mln ordinary shares of Home Inns.

The transaction is expected to close on or before May 21, 2009, subject to customary closing conditions. Ctrip will pay USD 20 mln at closing and the remaining USD 30 mln within 30 days of closing.

Keywords: HMIN investment Ctrip CTRP Home Inns Internet online travel

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