Little Sheep tumbles on delay
Source: Bloomberg News |
October 27, 2011, Thursday
|
Print Edition
Print Edition
SHARES of Little Sheep Group Ltd, operator of a hot-pot restaurant chain in China, plunged the most in three years yesterday after saying the Ministry of Commerce extended by 60 days the review period of Yum! Brands Inc's takeover bid.
The stock tumbled as much as 13 percent, the biggest decline since October 27, 2008, before closing HK$0.76 lower at HK$5.34 (69 US cents) in Hong Kong trading.
Yum, owner of the KFC and Pizza Hut fast-food chains, notified Little Sheep of the extension on Tuesday, the hot-pot chain said yesterday. Yum said in April that it will seek to buy all outstanding shares of Little Sheep to expand in China.
"People are scared that the review may not be approved," said Titus Wu, an analyst with DBS Vickers Hong Kong Ltd. "Or they are not patient enough now, because they'll need to wait another 60 days to see if the deal is approved."
The United States restaurant operator holds a 27.2 percent stake in the hot-pot chain. Little Sheep's largest stockholder is Possible Way International Ltd, with 29.8 percent.
The stock tumbled as much as 13 percent, the biggest decline since October 27, 2008, before closing HK$0.76 lower at HK$5.34 (69 US cents) in Hong Kong trading.
Yum, owner of the KFC and Pizza Hut fast-food chains, notified Little Sheep of the extension on Tuesday, the hot-pot chain said yesterday. Yum said in April that it will seek to buy all outstanding shares of Little Sheep to expand in China.
"People are scared that the review may not be approved," said Titus Wu, an analyst with DBS Vickers Hong Kong Ltd. "Or they are not patient enough now, because they'll need to wait another 60 days to see if the deal is approved."
The United States restaurant operator holds a 27.2 percent stake in the hot-pot chain. Little Sheep's largest stockholder is Possible Way International Ltd, with 29.8 percent.
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