Sara Lee Corp (NYSE:SLE) has rejected a takeover bid by a group of private equity firms, according to a report in the New York Post.

The consortium of private equity firms -- Apollo Management, Bain Capital and TPG Capital – offered last week to purchase the foods group for $18 per share, a price Sara Lee deemed too low.

The Post also noted that while the private equity companies might have raised enough money to pay $20 per share, they were uncomfortable paying that price.

Sara Lee shares closed yesterday at $19.64 per share.

Meanwhile, other sources said that earlier this week JBS, a Brazilian beef processor made a verbal offer for Sara Lee; while still another source said private equity group Blackstone Group (NYSE:BX) was involved in JBS's chase of Sara Lee.

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