Restaurant chain operator Little Sheep Group Ltd said on Tuesday China's Ministry of Commerce (MOFCOM) had given the green light to a buyout bid by its parent Yum Brands Inc .
The proposal was cleared by the ministry under China's anti-monopoly law on Monday, Little Sheep said in a filing to the Hong Kong bourse, adding that further statements would be made as soon as possible to notify Little Sheep shareholders of the timetable for the transaction.
For statement click http://www.hkexnews.hk/listedco/listconews/sehk/20111108/LTN20111108007.pdf
Little Sheep said last month the Ministry of Commerce has extended its anti-trust review of Yum's buyout bid, amid concerns it might not easily win the approval of Chinese authorities.
Yum Brands, parent of the KFC, Taco Bell and Pizza Hut fast-food chains, in May offered to buy out Little Sheep for $586 million, paying a premium to introduce the popular hot pot chain to a global audience and sending the Chinese restaurant's shares to a record. (Reporting by Donny Kwok; Editing by Jonathan Hopfner)