Sara Lee Corp (SLE.N) plans to split up rather than sell itself, a source familiar with the situation said on Thursday after the company failed to win lucrative enough bids from potential buyers. Going down a tax-free split-off route raises the prospect there may be takeover bids for the units -- meat and beverages -- post split. The U.S.-based food and beverage company has for months been examining options, including a spin-out or outright sale. It has been functioning with an interim chief executive since May, when former CEO Brenda Barnes suffered a stroke. Barnes left the company in August.
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