Little Sheep Takeover Bid Approved

(Beijing) – China's Ministry of Commerce has approved the sale of one of the country's top hotpot restaurant chains Little Sheep to Yum! Brands Inc. Little Sheep's share price shot up by 15 percent at the time of the announcement. 

Yum! Brands Inc., which currently holds a 27.2 percent stake in Little Sheep, proposed in April to increase its holdings to 93.2 percent at a price of HK$ 6.50 per share, leaving the remaining 6.8 percent to Zhang Gang, the founder of the Little Sheep.