Sara Lee Corp. held takeover talks with private-equity firm Apollo Global Management LLC in recent months that failed to result in a deal, according to people with knowledge of the situation.

Sara Lee undertook a strategic review in August and chose not to explore a sale of the company, said another person, who declined to be identified because the discussions were private. Apollo’s approach follows interest in Sara Lee from KKR & Co. near the beginning of this year, the people said.

The maker of packaged bread, meat and coffee is instead focusing on the sale of its fresh bakery business and has received interest in the unit from other food companies in first-round bidding, one person said. The business may fetch $1 billion to $1.5 billion, according to the person.

Mike Cummins, a Sara Lee spokesman, declined to comment.

Sara Lee’s stock rose the most in almost two years in New York Stock Exchange trading today after the New York Post said Sara Lee rejected a $12 billion unsolicited takeover offer from KKR. The jump values the Downers Grove, Illinois-based company at about $9.3 billion.