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Shares in foodmaker Sara Lee jumped by almost 11% after the New York Post reported that they received an unsolicited $12 billion offer by finance and real estate investment trust company KKR Co. The paper reported that they have rejected the offer.
After news of the offer began to surface, shares in the company increased to $14.87, climbing the most in almost two years. The interest has not stopped there, with Unilever also reporting an interest in Sara Lee.
According to the shares closing price on Friday, Sara Lee's market value was about $8.59 billion. Their stock has risen by 22% over the year to date.
For the last few years Sara Lee have begun selling off their operations in order to become a more focused food company. Recent deals include selling its direct selling cosmetics operation to Tupperware. Also, last year they began selling off pieces of their international household and body care businesses to Proctor and Gamble. Reports suggest that they are currently looking for buyers of their bread unit.
Author: Alex De Angelis, Analyst
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