NEW YORK ( TheStreet) -- Sara Lee ( SLE) has been offered a buyout price that tops the company's current share price of about $18.70, according to Bloomberg.
The report says the offer of almost $20 a share comes from Apollo Global Management, Bain Capital and TPG Capital. The Sara Lee board, for its part, is looking for an offer of $20 a share, says Bloomberg. Meanwhile, the Brazilian meat processor JBS SA, another interested buyer of Sara Lee, is considering sweetening its bid -- currently supported by Blackstone Group -- the report indicated. Sara Lee's board is scheduled to meet on Jan. 27 to vet bids and also to discuss the possibility of spinning off its coffee business, said Bloomberg. Sara Lee's coffee business is considered to be one of its strongest assets. Earlier this month, the Wall Street Journal reported that Sara Lee was drafting 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. Sara Lee stock has risen 1.5% to $18.98 in morning trading. Related stocks are essentially flat. Green Mountain Coffee Roasters ( GMCR) has inched up 0.1% to $34.51 and Flowers Foods ( FLO) shares are up 0.1% to $26.40.
-- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse. >To follow the writer on Twitter, go to Andrea Tse. >To submit a news tip, send an email to: email@example.com.
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