Snack foods maker Snyder's-Lance has hired an investment bank to weigh a potential sale after being approached by Campbell Soup, CNBC reported on Thursday, citing sources familiar with the situation.

Snyder-Lance's shares rose as much as 13.6 percent to a record high of $44.77 following the report. The company had a market capitalization of about $3.90 billion, while Campbell had a market value of about $14.8 billion.

Talks are ongoing with Campbell, CNBC reported, adding there was at least one other potential suitor in the fray.

Both Campbell Soup and Snyder-Lancer said they do not comment on rumors or speculation.

The report comes as Campbell struggles with declining soup sales in the United States and competition from private label brands.

The company cut its 2018 profit forecast in November.