Breakfast cereal could use a lucky charm. U.S. sales of the colorfully packaged morning staple have been in a decades-long decline.

Italy's Ferrero has continued its U.S. spending spree with its proposed acquisition of famous cereal maker WK Kellogg amid wider food manufacturer consolidation.

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.

Kellogg, the maker of such brands as Frosted Flakes, Froot Loops, Rice Krispies and Raisin Bran, began business in 1906 as the Battle Creek Toasted Corn Flake Co., before becoming Kellogg Toasted Corn Flake Co. in 1909.

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.

The Ferrero Group has agreed to acquire WK Kellogg Co for $23 per share in cash, for a total enterprise value of $3.1 billion, WK Kellogg said in a news release. RELATED: Kellogg’s reportedly set to sell 119-year-old cereal company in $3B deal