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 The days of private equity using cheap debt to swoop in and outbid strategics may be over, but evidently the corporate dealmakers at Sara Lee Corp. (NYSE:SLE) haven't forgiven or forgotten. The consumer products company, which is auctioning off its household and personal-care business -- International Household & Body Care -- for $2 billion to $3 billion is reportedly not welcoming offers for the unit from buyout shops, according to a story in the New York Post. Further the company has told Goldman Sachs Group Inc. (NYSE:GS), which is running the auction, to disallow corporate buyers from even partnering with LBO such as Blackstone Group LP (NYSE:BX) and Kohlberg Kravis Roberts & Co., both of whom were interested in the unit, two unnamed sources close to the process told the newspaper. The $2.3 billion business employs 8,000 employees worldwide, offering the following products:
However, Sara Lee may be having trouble getting bidders to take the whole thing, as offers are reportedly only coming in for pieces of the business. - George White See NY Post story See Dealscape post on Sara Lee See Corporate Dealmaker post on Sara Lee auction
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