A bid was made for the Taystee cake maker.

American Bakeries, the producer of Taystee baked goods, said its management has offered to purchase the firm in a leveraged buyout worth $142 million. The news sent the stock sharply higher as Wall Street speculated that the offer, worth $43 a share, would be improved by another bidder. American Bakeries’ stock was up $10.125 to close at $44.75, $1.75 a share more than the offer price. American, based in New York, operates 17 plants in 11 states and produces a range of baked goods.