Sara Lee to sell N. American bakery unit for $959

By 2010-11-09T12:48:49Z DOWNERS GROVE, Ill. (AP) -- Sara Lee Corp. is selling its North American Fresh bakery unit to baking company Grupo Bimbo for $959 million as it looks to concentrate more on its coffee and meat businesses....

[AP] - Sara Lee Corp. is selling its North American Fresh bakery unit to baking company Grupo Bimbo for $959 million as it looks to concentrate more on its coffee and meat businesses.

Sara Lee is selling its North American Fresh bakery unit to Mexican baking company Grupo Bimbo for $959 million as it looks to concentrate more on its coffee and meat businesses.

Adam Gefvert submits:Tasty Baking (TSTY) has bounced back up quite a bit since it reached a 52-week low of $1.50 on March 30. In fact, it has gone up 25% since those lows to $1.98. Quite a bounce on no news, and I assume some TSTY longs are optimistic that a potential suitor will take over.

Sara Lee is selling its North American fresh bakery business to Grupo Bimbo for $959 million.

NEW YORK (Reuters) - Sara Lee Corp reported lower-than-expected quarterly profit on Tuesday and said it would sell its North American bakery business to Mexico's Grupo Bimbo for $959 million.

Reuters - Sara Lee Corp reported lower-than-expected quarterly profit on Tuesday and said it would sell its North American bakery business to Mexico's Grupo Bimbo for $959 million.

By Robert Broens: Sara Lee (SLE) rose 7% on the last trading day of the week after announcing its intention to divest its subsidiary DE International, which is known for its coffee and tea operations. The decision was made as pressure on the board of the company grew after two failed takeover attempts.