Yum China rejects Hillhouse buyout offer - WSJ
(Reuters) - Yum China Holdings Inc (YUMC.N), the operator of KFC, Pizza Hut and Taco Bell restaurants in China, has rejected a buyout offer from a consortium of investors that valued the company at more than $17 billion (£13.2 billion), the Wall Street Journal reported on Tuesday, citing a person familiar with the matter.
The group, which included private-equity firms KKR & Co (KKR.N) and Baring Private Equity Asia and was led by Chinese investment firm Hillhouse Capital Group, had offered to buy the company for $46 per share, the report said https://www.wsj.com/articles/yum-china-rejects-private-buyout-offer-at-46-a-share-1535474967?mod=searchresults&page=1&pos=1.
The company's shares rose 6.2 percent to $38.02 in afternoon trading on the New York Stock Exchange.
Yum China, Hillhouse and Baring could not be reached for comment outside business hours. KKR did not immediately respond to a request for comment.
Earlier this month, Reuters reported that Hillhouse Capital Group was planning to lead a consortium to buy Yum China, which had a market capitalisation of $13.75 billion as of Monday's close.
(Reporting by Uday Sampath in Bengaluru; Editing by Shounak Dasgupta)
