Sara Lee Corporation (NYSE:SLE) yesterday commenced its previously announced offer to exchange up to 41,402,285 shares of common stock of Sara Lee for shares of common stock of Coach, Inc. (NYSE:COH). Sara Lee will exchange .846 shares of Coach common stock currently held by Sara Lee for each share of Sara Lee common stock tendered. The exchange ratio represents a premium of approximately 12.9 percent based on the NYSE closing prices on March 5, 2001 of $21.00 per Sara Lee share and $28.03 per Coach share.