Tuesday, January 25, 2011

JBS submitted verbal offer for Sara Lee

Global Dealings first reported JBS' offer for Sara Lee back on December 18th.  Brazilian beef processor JBS (JBSS3.SA) made a verbal buyout offer for Sara Lee Corp (SLE.N) on Monday and is expected to submit a written proposal later on Tuesday, sources familiar with the situation said.

Sara Lee already received a takeover bid from a group of private equity firms, which values the coffee and meat company at up to $20 a share or nearly $13 billion, sources previously told Reuters.

Sara Lee's board is scheduled to meet on Wednesday and Thursday, one source said. The company will compare the takeover bids to a plan to split the company into separate meat and coffee units, said that source, who declined to be identified by name because the situation was not public. 

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