According to a news report from money.cnn.com, “U.S. fast food giant Yum! Brands Inc. (YUM) said late Tuesday it agreed to buy a 20% stake in Chinese hot pot restaurant chain operator Little Sheep Group Ltd. (0968.HK) for US$63 million.”
“The Louisville, Kentucky-based company, which operates about 3,000 KFC and Pizza Hut restaurants in China, will pay HK$2.4 a share for the combined 13.92% stake in Little Sheep held by private equity firms 3i Group PLC (III.LN) and Prax Capital Management Co. The purchase price represents an 8.4% discount to Little Sheep’s Tuesday closing price of HK$2.62,” said the story.