The stock price of Yum China jumped nearly 10% on Tuesday after reports emerged that the fast-food restaurant operator had rejected a buyout offer by a consortium led by investment firm Hillhouse Capital, the Financial Times reports.
The Hillhouse-led offer had reportedly valued Yum China—whose brands include Pizza Hut, Taco Bell and KFC—at $46 a share, valuing the company at over $17 billion, far higher than its current market cap of $13.75 billion, according to the Wall Street Journal.
Following the news, Yum China’s shares leaped 11%, before falling slightly to finish the day up 8% at $38.87. The company’s share price is down around 3.3% so far this year, after rising 53% in 2017.