Ontario Teachers' Pension Plan, owner of Burton's, the biscuit company behind British favourites such as Jammie Dodgers, Wagon Wheels and Maryland cookies, is reportedly in talks to buy rival Fox's Biscuits.
Rothschild has been brought in to advise on the sale, which could see Fox's, the firm that makes Party Rings and Rocky biscuits, valued at around £340m.
Burton's has been owned by the Canadian pension fund since 2013, having been put up for sale with a price tag of £350m. Apax Partners, Capvest, Charterhouse and Pamplona Capital were all said to be interested in bidding for the group at the time.
Burton's declined to comment.