U.S. foods group Sara Lee Corp rejected a buyout offer by a group of private equity firms, the New York Post said, citing two sources close to the process.

The private equity consortium of Apollo Management , Bain Capital and TPG Capital made an offer last week of $18 a share but Sara Lee told them it considers the offer too low, the sources told the Post.

The private equity firms could have raised enough money to fund a $20 bid but felt uncomfortable paying that sort of price, according to the newspaper.

Sare Lee was not immediately available for comment.

Two sources familiar with the situation said earlier this week Brazilian beef processor JBS had made a verbal offer for Sara Lee, while a separate source said private equity group Blackstone Group was involved in JBS's pursuit of Sara Lee.

(Reporting by Sakthi Prasad in Bangalore; Editing by David Holmes)

Investment