Yum China Rejects $17 Bln Buyout Offer:WSJ

(RTTNews) - Shares of Yum China Holdings Inc. (YUMC) surged as much as 12 percent on Tuesday after a Wall Street Journal report said that the company received and rejected a buyout offer from an investor group led by Hillhouse Capital.

According to the report, the company received an offer of $46 per share, which valued the company at over $17 billion. The investor group also included private-equity firms KKR and Baring Private Equity Asia, as well as Chinese sovereign-wealth fund China Investment Corp.

Yum China was spun off from parent company Yum Brands in 2016. It currently operates Taco Bell, KFC and Pizza Hut restaurants in China.

YUMC is currently trading at $37.55, up $1.76 or 4.92%, on the NYSE.