Sara Lee Shares Down After Takeover Bid Rejection (SLE)

Shares of Sara Lee Corporation

are down during pre-market trading, after a report by Bloomberg cited two unnamed sources close to the deal as saying that the company had turned down a takeover bid from Brazilian meat-processing company JBS SA. Sara Lee Corporation is said to have turned down the bid, reportedly less than the company's December 17th high of $17.62 per share, because it was to low. There are also concerns about how JBS SA would finance a bid for Sara Lee Corporation (

) because the Brazilian company wants to avoid taking on too much debt, which could cause its credit rating to fall and its borrowing costs rise.