Private equity firm Cerberus Capital Management, which owns a stake in grocer Albertsons , and billionaire investor Dean Metropoulos teamed up in an unsuccessful bid for cereal maker WK Kellogg , according to three sources familiar with the matter.

WK Kellogg, the Battle Creek-based maker of cereals, agreed to the sale as the company has struggled with weakening consumer demand due to inflation.

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WK Kellogg Co. jumped nearly 30% on July 10 following the announcement from Italian food leader Ferrero regarding a $3.1 billion acquisition, inclusive of debt.

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Shares of WK Kellogg ( KLG 30.57%) charged sharply higher Thursday, surging as much as 33.7%. As of 10:40 a.m. ET, the stock was still up 33.6%. The catalyst that sent the iconic cereal maker soaring was news that the company would be taken private.