Newell Brands Inc., the struggling conglomerate that is unloading several of its household brands, could end up selling one of its oldest businesses, the maker of Bicycle playing cards, to a familiar foe.

Martin Franklin, a former Newell director who resigned and tried unsuccessfully to oust the company’s board earlier this year, is weighing a bid for the United States Playing Card Company, America’s largest playing-card maker, according to people familiar with the matter.