Sara Lee Board Said to Seek Sale Decision This Month

Sara Lee Corp.’s board plans to make a decision about whether to sell or break up the company by the end of the month and hasn’t received a new takeover offer from Brazil’s JBS SA, according to a person familiar with the matter.

Sara Lee’s board is determining whether to spin off its coffee or meat business, a decision that will be based on tax costs, said the person, who declined to be identified because the matter is private. JBS’s last offer came in mid-December at about $17.50 a share, this person said.

Talks have faltered in recent weeks, frustrating the board at Downers Grove, Illinois-based Sara Lee, according to the person. The board wants to speed up a decision because of the impact it’s having on the search for a new chief executive officer to replace Brenda Barnes, who resigned last year for health reasons.

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- Posted: 2011-01-07 12:39:21

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