DOWNERS GROVE, Ill. (AP) — Sara Lee Corp. said Monday that it received a roughly $159 million offer from French private equity firm Sagard for its European chilled dough business.
Sara Lee, based in Downers Grove, Ill., has been selling off a number of its business lines as it prepares to split into two units. Sara Lee plans to split into two publicly traded companies next year, with one focused on meat and the other on beverages.
The sale of its EuroDough business would allow Sara Lee to completely cut ties with its European bakery operations.
Sara Lee said it is in exclusive talks with Sagard and still needs various regulatory approvals, but it expects the deal to be complete within 90 days. EuroDough has operations in eight European countries and three manufacturing facilities. It generated revenue of $184 million in the last fiscal year.
Shares of Sara Lee fell 9 cents to $18.43 in morning trading.