Food giant Sara Lee saw its shares surge over 18% in premarket trading Monday after the New York Post reported the company turned down a $12 billion buyout offer from private-equity company KKR & Co.), citing unnamed sources.
Food and beverage company Sara Lee reported a $187 million profit in its recent quarter, buoyed by improved operating income across all areas of business. Its adjusted earnings of 19 cents per share topped estimates by 3 cents.
Sara Lee (SLE) CEO Brenda Barnes will step down permanently from her position as chairman and chief executive officer so she can continue to focus on improving her health, the company announced Monday. Barnes had been on temporary medical leave since May 14 after suffering a stroke.