Merrill Lynch - privatisation of Little Sheep Group by Yum! Brands

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Slaughter and May, Hong Kong, is advising in relation to the proposed privatisation of Little Sheep Group Limited by Yum! Brands, Inc. Slaughter and May is advising Merrill Lynch (Asia Pacific) Limited, the financial adviser to Little Sheep, on the proposed privatisation of Little Sheep by Wandle Investments Limited, an indirect wholly-owned subsidiary of Yum!, under a scheme of arrangement.

Little Sheep is principally engaged in the operation of a full service restaurant chain, the provision of catering services and the sale of related food products. Little Sheep is a Cayman Islands-incorporated company listed on the Hong Kong Stock Exchange.

Yum! is the world's largest restaurant company, with restaurants including KFC, Pizza Hut, Taco Bell, Long John Silver's and A&W in more than 110 countries, including the PRC. Yum! is listed on the New York Stock Exchange.

The proposed takeover was approved by MOFCOM under the Anti Monopoly Law of the PRC on 7 November 2011.

The transaction was announced on 13 May 2011 and has been approved by the shareholders of Little Sheep and the Grand Court of the Cayman Islands. Little Sheep is expected to be de-listed from the Hong Kong Stock Exchange after completion of the takeover on 2 February 2012.

Benita Yu (partner), Clara Choi (associate)