U.S. foods group Sara Lee Corp (SLE.N) rejected a buyout offer by a group of private equity firms, the New York Post said, citing two sources close to the process. The private equity consortium of Apollo Management [APOLO.UL], Bain Capital and TPG Capital [TPG.UL] made an offer last week of $18 a share but Sara Lee told them it considers the offer too low, the sources told the Post. The private equity firms could have raised enough money to fund a $20 bid but felt uncomfortable paying that sort of price, according to the newspaper. Sare Lee was not immediately available for comment.
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