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Little Sheep says Yum! takeover bid approved
By Lu Nengneng |
November 8, 2011, Tuesday
|
Online Edition
Online Edition
LITTLE Sheep Group Ltd, operator of a hot-pot restaurant chain in China, said this morning that the Ministry of Commerce had given the green light to a takeover bid by Yum! Brands Inc yesterday.
Yum! Brands, owner of the KFC and Pizza Hut fast-food chains, which holds a 27.2 percent stake in the Hongkong-listed Little Sheep, will extend its shares to 93.22 percent at a price of HK$ 6.5 (US$0.84) for each share.
Little Sheep Group's founder and chairman Zhang Gang and non-executive director Chen Hongkai will continue to hold the remaining shares. The company is expected to exit public trading soon.
The Louisville, Kentucky-based Yum! Brands announced its buyout bid in May, but the deal has been clouded by uncertainty since the Ministry of Commerce extended the anti-trust review period by 60 days on October 28th.
The hot-pot restaurant operator's shares surged 15.19 percent to HK$6.37 by noon break today.
Yum! Brands, owner of the KFC and Pizza Hut fast-food chains, which holds a 27.2 percent stake in the Hongkong-listed Little Sheep, will extend its shares to 93.22 percent at a price of HK$ 6.5 (US$0.84) for each share.
Little Sheep Group's founder and chairman Zhang Gang and non-executive director Chen Hongkai will continue to hold the remaining shares. The company is expected to exit public trading soon.
The Louisville, Kentucky-based Yum! Brands announced its buyout bid in May, but the deal has been clouded by uncertainty since the Ministry of Commerce extended the anti-trust review period by 60 days on October 28th.
The hot-pot restaurant operator's shares surged 15.19 percent to HK$6.37 by noon break today.
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