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Sara Lee shares jump on report of takeover rejection

by Sandra Guy - 05/10/2010

Sara Lee shares jump on report of takeover rejection

"Shares of Downers Grove-based Sara Lee Corp. jumped nearly 14 percent this morning based on a New York Post report that the company rejected a takeover bid by famous leveraged-buyout firm KKR, formerly Kohlberg Kravis Roberts & Co."

The Post reported that the board of Sara Lee rejected an unsolicited leveraged buyout offer from Henry Kravis and the KKR firm that could have been worth $12 billion.

Sara Lee, owner of its namesake cheesecakes, Ball Park franks and Jimmy Dean sausages; announced Aug. 9 that it’s searching for a new leader after former CEO Brenda Barnes resigned due to health reasons.

A Sara Lee spokesman and a KKR spokeswoman declined comment today.

KKR co-owns U.S. Foodservice, a Rosemont-based company that delivers food to Sara Lee’s food-service division, as well as to restaurants and other food-related businesses, the Post reported.

Sara Lee has long been reported to be trying to sell its bakery business, and the New York Post reported that the more likely buyer of that business might be Ripplewood Holdings, a New York private-equity firm that owns Hostess Brands.

More Details: http://www.suntimes.com/business/2770726,Sara-Lee-bidrejection.article