NEW YORK ( TheStreet) -- Private equity firm Kohlberg Kravis Roberts ( KKR) may be interested in re-engaging Sara Lee ( SLE), this time with other interested parties, according to a Reuters report.

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The report comes as Sara Lee's board reportedly continues to be upset by a "low-ball" offer by KKR last summer, the New York Post reported. However, a source tells the daily that KKR may still be able to "redeem" itself if it comes forward with an "amazing offer."

Reuters reported that details of KKR's plans for Sara Lee were not yet clear, but raised the possibility of KKR partnering up with other interested parties or an Apollo-led private equity consortium.

As Sara Lee explores options such as putting itself up for sale or splitting its meats and beverage businesses, courters such as KKR, Brazilian meat processor JBS SA, and Apollo have emerged. The New York Post reported that Bain Capital, TPG Capital and investor C. Dean Metropoulos may also be interested.

Sara Lee is currently worth about $11.5 billion.

Last week, the Wall Street Journal reported that Sara Lee plans to follow through with a plan to split its meats and coffee businesses into two separate companies, convinced that this action would make it easier for a potential buyer to make bids for the businesses independent of each other.

Reuters reports that Sara Lee's board will approve of the split in January if an attractive takeover bid doesn't emerge.

Shares of Sara Lee have risen 0.2% to $18.21 in morning trading, while food company J&J Snack Foods ( JJSF) is up 0.2% to $49. Coffee company Green Mountain Coffee Roasters ( GMCR) is up 0.2% to $35.40.

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-- Written by Andrea Tse in New York.

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