McDonald's has received more than half a dozen bids for its planned sale of China and Hong Kong stores, including offers from Beijing Tourism Group, Sanpower and ChemChina in a deal worth about $3 billion, people familiar with the matter told Reuters.
McDonald's is offering a 20-year master franchise agreement to buyers as part of the deal, but has placed restrictions which has discouraged some private equity firms from participating in the process, the people added. Still, some global buyout firms including Bain Capital, TPG Capital and Carlyle Group have entered the auction with a view to team up with some of the Chinese strategic bidders, the people added.
Other bidders who were preparing to place first-round bids ahead of Monday's deadline include, Beijing Capital Agribusiness Group, McDonald's China partner, and GreenTree Hospitality, the people added. It was not immediately clear if the last two suitors proceeded with the bids.