Sara Lee Corp (SLE.N) plans to split into two separate public companies focusing on North American meats and international coffee after takeover bids it received were not enough to entice it to sell the company. The company, whose shares rose slightly in premarket trade, said on Friday the split should be completed early in 2012 and would include a $3-per-share special dividend. The dividend totals $1.92 billion based on the number of shares outstanding in October. "We have carefully considered various strategic alternatives, including unsolicited indications of interest in the company," said James Crown, Sara Lee chairman. "We believe that the spin-off, plus the one-time special dividend, offers the greatest potential for delivering long-term shareholder value."
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