Sara Lee Corp. (SLE) shares spike to session highs on heavy volume. Strength attributed to a Bloomberg report that says Brazilian beef processor JBS told Sara Lee Corp. that it plans to make a takeover offer of around $21 a share. According to Bberg, JBS is working with Blackstone Group LP (BX) on a bid.
Sara Lee shares were up, $1.22, or 6.81 percent, at $19.60 on the NYSE on Tuesday afternoon. The stock is experiencing huge volume; mid-way through the session SLE shares have already traded 29 million shares, well above the daily average volume of 6.4 million shares.