Sara Lee to Acquire Chock Full O’ Nuts

Sara Lee Corp., which makes consumer products ranging from leather goods to hot dogs to cakes, said it will add coffee roaster Chock Full O’ Nuts Corp. to its portfolio of companies in a $238-million stock deal. Sara Lee and Chock Full O’ Nuts jointly announced a deal in which Chock Full O’ Nuts shareholders would receive Sara Lee common stock valued at $11 per share. The deal needs the approval of Chock Full O’ Nuts shareholders. Chicago-based Sara Lee said it has terminated its previous cash tender offer for all of the outstanding shares and convertible debentures of Chock Full O’ Nuts, which is based in New York. In New York Stock Exchange trading, Sara Lee rose shares rose 31 cents to close at $24.88, and Chock Full O’ Nuts shares fell 13 cents to close at $10.63.