Hillshire was executing on all three of these strategies. On May 12th they announced the acquisition of Pinnacle Food, which would have doubled the size of Hillshire and greatly expanded their product offering. We had a moderately favorable view of the acquisition.

However, in late May Pilgrim's Pride (PPC) announced an unsolicited $45 all-cash offer to buy Hillshire. We sold the stock that day.

DISCLAIMER: The investments discussed are held in client accounts as of May 31, 2013. These investments may or may not be currently held in client accounts. The reader should not assume that any investments identified were or will be profitable or that any investment recommendations or investment decisions we make in the future will be profitable. Past performance is no guarantee of future results.
Ironwood Investment Management

Ironwood Investment Management

Ironwood Investment Management is an employee-owned investment management firm based in Boston that formed in 1997. It invests in undervalued

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