Yum! (YUM) Gets Little Sheep Shareholder Approval for Privatization

Yum! Brands, Inc. (NYSE: YUM) announces that the proposal for the privatization of Little Sheep Group Ltd. by way of a scheme of arrangement (“Scheme”) has been approved by the independent shareholders of Little Sheep at the Court Meeting and Extraordinary General Meeting today. Under the proposal, Yum!, through a wholly owned subsidiary, is offering Little Sheep scheme shareholders HK $6.50 cash per Scheme share and is offering holders of options to subscribe for shares in Little Sheep HK $4.39 per option to cancel such options. Little Sheep operates hot pot concept restaurants primarily in China and is headquartered in Baotou, Inner Mongolia, China. Its shares are listed on the Hong Kong Stock Exchange.

Yum! will proceed to the next step of the privatization and will seek the sanction of the Scheme by the Grand Court of the Cayman Islands at the petition hearing on 20 January, 2012. Assuming the Scheme is approved by the Grand Court of the Cayman Islands, it is expected that the Scheme will become effective on 1 February, 2012, whereupon Little Sheep will be privatized and will become a subsidiary of Yum!.

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