Yum China Holdings Inc. (NYSE: YUMC) shares jumped for a second day after Wall Street Journal reported that the Company had rejected a private buyout offer from group led by investment firm Hillhouse Capital Group, citing a person familiar with the matter.

The Hillhouse-led consortium offer to buy the fast-food chain at $46 per share, a 24% premium above Tuesday’s closing price. It also represented nearly 42% above the stock price when the offer was reported last month.

Yum China operates the KFC, Pizza Hut and Taco Bell brands in China and has nearly 8,200 restaurants across more than 1,200 Chinese cities. The Company was spun off from Yum Brands! In 2016.

Yum China closed 3.86% higher on Tuesday on WSJ’s report. The stock jumped another 5.5% to $39.23 per share on Wednesday. Earlier this year, the stock hit a 52-weeks high of $48.75 per share. But it fell to a low of $32 per share last month.

According to the report, investment group also include private-equity firms KKR & Co. and Baring Private Equity Asia, as well as Chinese sovereign-wealth fund China Investment Corp.,

The fast-food chain has faced intensive competition in China. The Company reported same-store sales fell 1% in the second quarter, with Pizza Hut same-store sales declining as much as 4%