Yum China Holdings has reportedly rejected a $17.6bn buyout offer from a consortium led by Chinese investment firm Hillhouse Capital Group.
Baring Private Equity Asia, KKR and Chinese sovereign wealth fund China Investment Corp were also part of the consortium.
Earlier this year, Baring exited its Singapore-based education institution PSB Academy to Intermediate Capital Group.
The consortium had offered $46 per share for business, representing an almost 24 per cent premium on its closing price on Tuesday sources told Reuters.
The company was a spun-out from Yum Brands! in 2016 and has the exclusive licensee of the KFC, Pizza Hut and Taco Bell brands in China. The company has over 8,100 restaurants in more than 1,200 cities.
Yum China is backed by Primavera Capital and Ant Financial Services Group who had bought $460m minority stake as a part of the company’s spin out. The business received $410m from Primavera and $50m from Ant Financial.
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