Yum China, which operates the Pizza Hut, Taco Bell and KFC fast-food chains in Asia’s largest economy, has rejected a $17bn buyout offer from a consortium of private equity players, people briefed about the matter said.
The consortium — led by Hillhouse Capital, a Hong Kong-based investment firm — offered to pay $46 a share for the Shanghai-headquartered, US-listed company. That is close to a 30 per cent premium over Yum China’s closing stock price on Monday.
Yum China shares rose as much as 11 per cent before trimming those gains to trade up about 4 per cent at $37.17. The Wall Street Journal first reported that the company had rejected Hillhouse’s offer.
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