Starbucks Corp (NASDAQ:SBUX) shares are warming up in after-hours Tuesday following reports suggesting the coffee giant has drawn interest from potential investors regarding its China business.
What To Know: After the market close on Tuesday, Bloomberg reported that Starbucks is reviewing proposals from investors potentially interested in taking a controlling stake in the company’s operations in China.
People familiar with the matter said the company is in the process of narrowing down some of the interested investors for a subsequent bidding round.
The report indicates that Starbucks was aiming to sell a minority stake in its China business to a partner who could help return operations to growth, but is now considering selling a controlling stake to a private equity firm or other industry players.
SBUX Price Action: Starbucks shares were up 0.53% in after-hours, trading at $95.44 at the time of publication on Tuesday. The stock closed Tuesday’s regular session up 1.39% and is now up approximately 4% since the start of the year, according to Benzinga Pro.
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