Sara Lee Corp today said that it is considering a €115 million ($159 million) offer from Franco-Canadian private equity firm Sagard for its French refrigerated dough unit EuroDough.
''The transaction is expected to be completed within 90 days and remains subject to consultations with works councils and regulatory clearance,'' the American consumer goods company said in a release.
Eurodough is part of Sara Lee's international bakery units, which was put on the block by the Illinois-based company. Last month, it sold its North American Fresh Bakery business to Mexico's Grupo Bimbo for $959 million.
The sale is also the latest in a series of divestures for Sara Lee since 2006 that has seen the Downers Grove, Illinois-based company sell off a wide range of businesses like coach handbags, North American bakery business, global body care, European detergents business and North American private brand refrigerated dough business among others.
Last week Reuters reported that Sagard has emerged as the final bidder for Eurodough. It also said that private equity firm Trilantic Capital Partners had also put in its bid.
Eurodough, which was acquired by Sara Lee from Anheuser Busch in 2001, operates three production sites in France and is best known for refrigerated dough sold under the Croustipate brand that is used to make pizza, croissants and cakes. It also makes ready-to-cook pastry products.