Apollo bids for Sara Lee

A private equity group led by Apollo Global Management has submitted a takeover offer for Sara Lee, but an expected rival offer has not yet been made by Brazilian beef processor JBS, a source said over the weekend. Details of the bid submitted by Apollo, Bain Capital and TPG Capital were not immediately available. Preliminary bids, or indications of interest, had been due on Friday, sources said. Sara Lee and the private equity firms were not immediately available to comment on the deal.