Sara Lee has emerged as a takeover target for Brazilian beef processor JBS.
The US manufacturer, which is currently valued at around $12.5bn (£7.88bn), could be broken up in the event of a takeover, with private equity giant Blackstone reportedly poised to bid for its drinks business.
However, Sara Lee is thought to have already turned down a bid from a consortium including Bain Capital and TPG.
Sara Lee last year sold its European personal care business to Unilever in a £1bn deal and has no permanent chief executive, with former chief financial officer Marcel Smits currently holding the reins on an interim basis.
Unilever completes Sara Lee deal (6 December 2010)
Unilever must sell Sanex to get Sara Lee clearance (17 November 2010)