Updated from 11:56 a.m. ET to include analyst comments, afternoon share prices.
NEW YORK (TheStreet) -- Don't think Blackstone Group (BX), the majority owner of Pinnacle Foods (PF - Get Report), was surprised by Pilgrim's Pride's (PPC - Get Report) interest in buying Hillshire Brands (HSH), potentially nixing a $6.6 billion deal takeover of Pinnacle by Hillshire that was announced on May 12.
Differing termination fees paid to Pinnacle Foods in the event Hillshire Brands wasn't able to acquire the company signals it was aware a suitor might emerge for Hillshire. That knowledge of a potential bid indicates Pinnacle shareholders may be overreacting to Pilgrim's Pride unsolicited offer to buy Hillshire Brands for $6.4 billion, disclosed on Tuesday morning.
Pinnacle Foods shares were falling nearly 7% in late Tuesday trading, while Hillshire Brands shares were rising over 22% to $45.39. Pilgrim's Pride shares were rising over 1% in afternoon trading to $25.49 as a result of its all-cash offer, trimming some early trading gains.
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