NEW YORK (TheStreet) -- TheStreet's Jim Cramer says there was an undercurrent when Hillshire Brands (HSH) bought Pinnacle Foods (PF - Get Report) that another entity was about to swoop in and acquire Hillshire. It appears that may have in fact been the case, as Pilgrim's Pride (PPC - Get Report) came out of nowhere with an extremely high bid for Hillshire.
The question now is what do to with Pinnacle, and Cramer believes the stock was doing quite well and is now down approximately 10% in the wake of the news. He says this creates an opportunity to pick up Pinnacle, which looks "jilted."
Cramer does not feel the same way, though, about AstraZeneca (AZN - Get Report), which Pfizer (PFE - Get Report) jilted by refusing to raise its takeover bid any higher after the British pharmaceutical company fought it tooth and nail. Cramer does not like AstraZeneca's pipeline or prospects and urges investors to stay away.