JBS SA, the Brazilian meat processor, may make a new offer for Sara Lee Corp. after its bid last month was rejected as too low, according to two people with knowledge of the matter.
JBS executives are traveling to the U.S. this week to help prevent their takeover efforts from collapsing, said the people, who declined to be identified because the matter is private. JBS offered about $17.50 a share for Sara Lee in mid-December, valuing Sara Lee at about $11 billion, the people said.
Sara Lee hasn’t given JBS a purchase price, though the Downers Grove, Illinois-based company is likely looking for about $20 a share, or almost $13 billion, one person said. JBS, which is being advised by JPMorgan Chase & Co., has been trying to determine whether to raise its bid while it seeks potential ways to raise more money, said another person.
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