A South Korean food giant is reportedly seeking to acquire Schwan’s Co., a Korean business news website said Thursday.

CJ CheilJedang, a subsidiary of CJ Group, recently took part in a preliminary bidding process to acquire a U.S. food company for an estimated $2.8 billion, according to a report posted Thursday afternoon by The Investor, an English-language business news service from South Korea. In The Investor’s report, CJ CheilJedang didn’t confirm it was trying to acquire Schwan’s. A regulatory filing by the company said “We are considering acquiring a U.S. food processing company as part of our business expansion overseas but nothing has been decided yet,” The Investor reported.

The Investor also reported that Charoen Pokphand Foods, of Thailand, took part in the bidding process. Charoen Pokphand Foods bought Minneapolis-based Bellisio Foods for $1.08 billion in 2016, the Minneapolis/St. Paul Business Journal reported.

A Schwan’s company spokesperson could not be immediately reached for comment Thursday afternoon.

In December, CNBC reported that Schwan’s had reportedly hired investment bank Piper Jaffray to look at options including a potential sale of the company. The CNBC report said a sale could be valued at more than $2.5 billion. At the time, Schwan’s spokespeople declined to comment on speculation about a sale of the company.

Schwan’s Co. was founded in 1953. Over the years, the Marshall-based company has grown to include home delivery of ice cream and frozen foods, as well as brands like Tony’s, Freschetta and Red Baron Pizza, Mrs. Smith’s pies and Edwards desserts. Schwan’s has plans to open an Edwards Dessert Kitchen in the North Loop of Minneapolis this summer, the Minneapolis Star Tribune Reported.

However, the Star Tribune also reported that Schwan’s is facing increased competition from online meal kit and grocery delivery businesses. It’s also had to adjust to changing consumer preferences for fresh foods.

In 2016, Schwan’s reported $3 billion in sales, the Business Journal said. That figure was down from 2014, when the company reported $3.15 billion in sales. Schwan’s is Minnesota’s 10th-largest privately held company, and employs 12,00 people, the Business Journal reported.

If CJ CheilJedang buys Schwan’s, CJ Group could diversify its product portfolio and retail network in the U.S., The Investor reported.