SHANGHAI, May 7 /PRNewswire-Asia/ -- Ctrip.com International, Ltd.
(Nasdaq: CTRP) (the 'Company'), a leading travel service provider for hotel
accommodations, airline tickets and packaged tours in China, announced today
that it has entered into a definitive purchase agreement (the 'Agreement') to
acquire additional 7,514,503 ordinary shares of Home Inns & Hotels Management
Inc. ('Home Inns') through a private placement of $50 million in equity. The
purchase price per ordinary share is set at $6.6538 or $13.3076 per American
Depository Share ('ADS'; each ADS equals two ordinary shares), calculated as
the average of the closing prices for Home Inns' American depository shares on
Nasdaq for each trading day within the 30 calendar days preceding the
Agreement date, i.e., within the 30 calendar days from and including April 7,
2009 up to and including May 6, 2009.
This transaction will increase the company's ownership in Home Inns by
9.52% to a total of 18.25% of its aggregate basic shares outstanding. Prior to
the transaction, the company held 3,443,131 ADS, representing 6,886,262
ordinary shares of Home Inns.
The transaction is expected to close on or before May 21, 2009, subject to
customary closing conditions. The company will pay $20 million at closing and
the remaining $30 million within 30 days of closing.
About Ctrip.com International, Ltd.
Ctrip.com International, Ltd. is a leading travel service provider of
hotel accommodations, airline tickets and packaged tours in China. Ctrip
aggregates information on hotels and flights and enables customers to make
informed and cost-effective hotel and flight bookings. Ctrip also sells
packaged tours that include transportation and accommodations, as well as
guided tours in some instances. Ctrip targets primarily business and leisure
travelers in China who do not travel in groups. These travelers form a
traditionally under-served yet fast-growing segment of the travel industry in
China. Since its inception in 1999, Ctrip has experienced substantial growth
and become one of the best-known travel brands in China.
For further information:
Jade Wei
Ctrip.com International, Ltd.
Tel: +86-21-3406-4880 x11543
Email: yuwei@ctrip.com
SOURCE Ctrip.com International, Ltd.
