The offer is said to be the largest take-private in Asia if the food operator accepted.
Yum China rejected a private buyout offer from a consortium led by the investment firm Hillhouse Capital Group who valued the company at around $17 billion, Wall Street Journal has reported.
The consortium, which included KKR & Co., Baring Private Equity Asia and China Investment Corp., had been attempting to take Yum China private at USD$46 a share.
The food operator currently owns around 8,200 KFC, Pizza Hut and Taco Bell brands in China.
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