NYSE-listed Chinese hotel chain GreenTree Hospitality said its board of directors received a non-binding proposal from the company's controlling shareholder GreenTree Inns Hotel Management, or GTI.
GTI wants to sell its existing restaurant business to GreenTree Hospitality. The restaurant business includes two fast food restaurant chains operated in China under the brand names of "Daniang Dumpling" and "Bellagio (Lu Gang Xiao Zhen)".
GreenTree Hospitality had formed a special committee of the Board, comprised solely of independent and disinterested directors, to consider the proposed transaction.
