Sara Lee Corp., acting through a subsidiary,...

Sara Lee Corp., acting through a subsidiary, said it will begin a cash tender offer for up to 7.5 million shares of common stock of Pannill Knitting Co., or about 50% of Pannill’s shares outstanding, at $10 per share. Sara Lee also has entered into a stock-option agreement with certain Pannill stockholders, including officers and directors, who together own 53% of the outstanding shares. Pursuant to the stock-option agreement, if Sara Lee obtains less than 50% of Pannill shares in the tender offer, Sara Lee may purchase from shareholders the number of shares necessary to give it 50% of the outstanding Pannill shares.