Report of Sara Lee Split Temporarily Hits Shares
Shares of food company Sara Lee dropped Thursday before climbing back to close even for the day after a report that the company will split up its meats and coffee businesses.
The company's stock , which closed at $17.46 Wednesday, dropped as much as 3.2 percent intraday following the report, which ran in the Wall Street Journal. Get after-hours quotes for Sara Lee here.
Sources told the Journal that the move to split the two core businesses is likely an effort to attract buyers interested in purchasing the units separately.
Sara Lee recently spurned a takeover attempt from Brazilian beef processor JBS, which is said to remain interested in the company.