Sara Lee Corp. (SLE) Says No To Private-Equity Shops (Blackstone, KKR)
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The NY Post is reporting Sara Lee (NYSE: SLE) is not allowing private equity firms to bid on its household and personal-care business.
Goldman Sachs (NYSE: GS), the investment bank brokering the deal, is blocking Steve Schwarzman's Blackstone (NYSE: BX) and Henry Kravis's KKR from participating in the auction process.
The Post reported that both firms had expressed an interest in buying the division, whose products include 100 brands such as Kiwi shoe polish, Brylcreem hair products and Ambi Pur air freshener.
Sara Lee is requiring the potential buyer to bid for the entire operation and they can't partner with PE firms to complete a transaction.
The division, which Sara Lee hopes will bring in more than $3 billion, has attracted interest from Colgate-Palmolive (NYSE: CL), Clorox (NYSE: CLX) and SC Johnson.
Sources said one reason Sara Lee might be shunning PE shops is because they might be less willing to pay the earnings multiples that the company needs to reach its desired asking price.
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