Sara Lee Shares Fall on Report it Will Split Company

Thursday, 27 Jan 2011 02:21 PM

 

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Sara Lee Corp.'s stock fell Thursday on reports that it is likely to split its business after offers from potential buyers fell short of its expectations.

The Wall Street Journal, citing sources it did not name, reported that Sara Lee is expected to separate its coffee and meat businesses. It would be easier for suitors to finance a deal for parts of Sara Lee instead of the whole company.

Brazilian beef processor JBS SA reportedly bid for the company but struggled to secure financing to raise the bid. And investors led by investment firm Apollo Global Management LLC has so far declined to raise their offer for the food maker.

A spokesperson for Sara Lee said the company had no comment.

Shares fell 5 percent Thursday afternoon to $17.58.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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