Sara Lee Corp (SLE.N) said on Friday it plans to split into two separate public companies focusing on North American meats and international coffee and tea after it did not receive a large enough bid to entice it to sell the company. The company, whose shares rose slightly in premarket trade, said the separation would include a $3-per-share special dividend and should be completed early in 2012. "We have carefully considered various strategic alternatives, including unsolicited indications of interest in the company," said James Crown, Sara Lee's 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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