JBS may offer Sara Lee $21 per share in takeover bid

JBS SA may offer Sara Lee Corp. around $21 a share in its latest bid to take over the company, according to reports.
The offer places Sara Lee's value at around $13.4 billion, roughly 7% higher than the company was trading at ($19.64 per share) when the market closed on Jan. 25 and a significant raise over JBS' mid-December bid of $17.50 per share, which was rejected by Sara Lee. The offer, if formalized, will pit JBS against other investors who have expressed interest in taking over Sara Lee, though the company has rejected the most recent bid ($18 per share) from a cosortium including Apollo Management, Bain Capital and TPG Capital as being too low.
Marcel Smits has been the Interim Chief Executive Officer at Sara Lee since May 14, 2010, previously serving as the company's Chief Financial Officer. Smits took over after former CEO Brenda Barnes stepped down for health reasons.