Sara Lee’s (NYSE:SLE) stock surged nearly 20% on Monday in the wake of a report that the maker of Ball Park franks received a $12 billion takeover bid.

According to the New York Post, Sara Lee rejected the unsolicited leveraged buyout bid from Chicago's Henry Kravis and his KKR buyout firm.

"KKR about six weeks ago knocked on the door and said they were serious, and the Sara Lee board turned them down," a source told the paper.

KKR wasn’t given a chance to review confidential information about Sara Lee, which also makes Hillshire Farms meat products and coffee and baked goods.

However, Sara Lee is looking to sell its bakery business for about $1 billion, the Post reported. After conducting the sale and finding a permanent replacement for former CEO Brenda Barnes, Sara Lee could then consider splitting its American and international businesses or even auctioning off the entire company, the paper said.

If it doesn’t have to swallow Sara Lee’s bakery business, Anglo-Dutch food conglomerate Uniliver (NYSE:UN) could reportedly be interested.

Shares of Sara Lee soared 16.68% to $15.67 Monday morning. The stock was up 10.3% on the year as of Friday’s close, but was still down nearly 9% since Barnes left on August 9.