JBS SA, the world’s biggest beef producer, told Sara Lee Corp. that it plans to make a takeover offer of around $21 a share, according to two people with knowledge of the matter.
Blackstone Group LP is working with Sao Paulo-based JBS on a bid and would be interested in taking over Sara Lee’s coffee business, said three people, who declined to be identified because the matter is private. An offer of $21 a share would value Sara Lee at about $13.4 billion and is 14 percent higher than the company’s closing price of $18.36 yesterday.
JBS informed Sara Lee of its intentions late yesterday and said that it plans to submit a formal offer later today, one person said. An exact price couldn’t be determined, and JBS could still change its plans.
To read the rest of the story, please go to: Bloomberg
