JBS SA, the Brazilian meat processor, may make a new offer for Sara Lee Corp. after its bid last month was rejected as too low, according to Bloomberg.

Meanwhile, the Illinois-based food company is attracting another offer from Apollo Global Management and C. Dean Metropoulos, according to DailyFinance.com. Sara Lee's board plans to make a decision about whether to sell or break up the company by the end of the month. The prospect of a bidding war for the company has elevated Sara Lee's stock price.

The company has not received a new takeover offer from JBS SA, according to the Bloomberg report.

Sara Lee hasn’t given JBS a purchase price, though the company is likely looking for about $20 a share, or almost $13 billion, the report said. JBS, which is being advised by JPMorgan Chase & Co., has been trying to determine whether to raise its bid while it seeks potential ways to raise more money, said another person.

Sara Lee’s board is determining whether to spin off its coffee or meat business, a decision that will be based on tax costs, said the person, who declined to be identified because the matter is private. JBS’s last offer came in mid-December at about $17.50 a share, this person said.

Talks have faltered in recent weeks, frustrating the Sara Lee board. The board wants to speed up a decision because of the impact it’s having on the search for a new chief executive.

Source: PORK magazine, Bloomberg, DailyFinance.com