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.
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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)