Sara Lee Said to Meet Without New JBS, Apollo Bids

Sara Lee Corp.’s board began meeting yesterday to discuss strategic options without new bids from JBS SA or a group of private-equity firms led by Apollo Global Management LLC, said two people with knowledge of the matter.

JBS, the world’s biggest beef producer, was still working on lining up financing for an offer as of last night, said one person, who declined to be identified because the talks are private. Apollo hasn’t raised its offer after a bid of about $19 a share made last week was rejected as too low, said the people.