A group led by Apollo Global Management has offered to acquire U.S. packaged food company, Sara Lee, Bloomberg reports. The consortium also includes Bain Capital and TPG Capital. The offer by the private equity firms is close to the $20 a share that Sara Lee’s board is seeking.

Brazilian meat processor, JBS, backed by Blackstone Group, is also seeking a revise bid for the Illinois-based company. Sara Lee previously rejected a $11 billion offer from JBS in December last year.

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