Branston owner Premier Foods has confirmed it was looking at potential deals amid speculation it could swoop for the McVitie's and Jaffa Cakes brands.
Premier said it was at a preliminary stage "in evaluating a number of opportunities", although it did not give further details.
The statement from Premier came after speculation linked it to businesses within the United Biscuits and Campbell Soup Company groups.
A report said Premier had formed a consortium with another trade buyer and two private equity houses to bid for United Biscuits, which is thought to be worth £2.3 billion including debt.
United, owned by a consortium of businesses, has appointed investment bankers Goldman Sachs to run the rule over a possible trade sale or floatation.
If successful it is thought Premier would take the privately-owned company's UK biscuits business, while other brands such as KP Nuts and the recently acquired Nik Naks and Wheat Crunchies would go to its bid partners.
Such a deal would represent a major step for Premier, which has a market value of £736 million.
The group also makes Sun Pat peanut butter, Hartley's jam, Bird's Custard and Sarson's Vinegar.
Campbells has also appointed Goldmans to attract potential bidders for its UK businesses, which include Bachelor's Soup and Oxo.
An industry insider said: "There would appear to be no deadline on these potential deals as they are driven by the vendors rather than the potential buyer.
"It would be a big stretch for Premier to go for both, but it is still very early days."
When Premier, which produces Cadbury hot chocolate drinks and Marvel dried milk at its site at Knighton in Staffordshire, came to the market in July 2004, it announced a strategy to grow by acquisition.
As part of this it has bought brands like Ambrosia, which it picked up in December 2003 from Unilever Bestfoods and Bird's desserts business was acquired in February 2005 from Kraft.
The insider added: "It will take on a UK brand which is perhaps unloved by its global owner and invest in it, with innovation and product development, growing sales with additional flavours, for example."
In a statement to the stock exchange yesterday it confirmed that it was on the lookout for further acquisitions.
It said: "Premier confirms that it is at a preliminary stage in evaluating a number of opportunities which could potentially meet its acquisition criteria for value creation.
"However, there can be no assurance that any of the opportunities currently under consideration will lead to a transaction."