Sara Lee Corp. has reportedly rejected an offer from JBS SA to takeover the company, according to unnamed sources in a Bloomberg report. The sources, declining identification because of the privacy of the talks, said Sara Lee considered the price offer from JBS too low.

JBS has declined to comment on "recent speculation in the press regarding a possible acquisition in North America," according to a brief statement posted on the company's website Dec. 19, from Jeremiah O'Callaghan, of the Investor Relations Office.

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JBS, based in São Paulo, Brazil, "has been in talks with Sara Lee about a deal for several months and many key details have been worked out, the people said," according to the Bloomberg report.

Sara Lee stocks dipped slightly by 0.4% early Monday.