A bid for Sara Lee Corp submitted by an Apollo-led group values the company higher than its current $18.70 share price, Bloomberg reported on Sunday, citing people familiar with the matter.

The offer gets close to the $20 per share that Sara Lee's board is seeking, the report said.

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 familiar with the situation told Reuters on Saturday.

JBS is considering a revised bid backed by private equity firm Blackstone Group, Bloomberg reported on Sunday.

Sara Lee, with a market value of about $11.5 billion, has been examining various options such as selling itself or splitting itself up into separate meat and beverage units.

Analysts have said Sara Lee could fetch as much as $23 a share, or $14.7 billion, in a takeover. Shares of Sara Lee closed on Friday at $18.70 on the New York Stock Exchange.

(Reporting by Soyoung Kim; Editing by Diane Craft)