Little Sheep approves Yum! deal
Source: Xinhua |
January 9, 2012, Monday
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Print Edition
Print Edition
SHAREHOLDERS of China's leading domestic hot pot chain, Little Sheep Group Ltd (Little Sheep), have approved a takeover proposal by Yum! Brands Inc (Yum!).
Under the proposal, Yum! will offer Little Sheep independent shareholders HK$6.50 (83 US cents) per share, and will offer HK$4.39 each to holders of Little Sheep options to cancel the options, Yum! said in a press release on Friday.
Yum! will proceed with its takeover process by seeking the approval of the Grand Court of the Cayman Islands at a hearing on January 20.
The arrangement may go into effect on February 1 when Little Sheep will be privatized and become a Yum! subsidiary, the release said.
Under the proposal, Yum! will offer Little Sheep independent shareholders HK$6.50 (83 US cents) per share, and will offer HK$4.39 each to holders of Little Sheep options to cancel the options, Yum! said in a press release on Friday.
Yum! will proceed with its takeover process by seeking the approval of the Grand Court of the Cayman Islands at a hearing on January 20.
The arrangement may go into effect on February 1 when Little Sheep will be privatized and become a Yum! subsidiary, the release said.
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