Apollo Management

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Sara Lee rejects private equity group offer

Sara Lee Corp. has rejected a takeover offer valued between $18.70 and $20 a share from a private equity group led by Apollo Global Management LP, a source familiar with the situation said Wednesday.

Sara Lee has been weighing splitting up the company into separate meat and beverage units, or accepting a takeover offer. Sara Lee’s board was scheduled to meet Wednesday and Thursday to weigh its options, a source previously told Reuters. Get the full story »