Pinnacle Foods Inc. (NYSE: PF) stock jumped 15% Monday when the packaged foods company agreed to be acquired by Hillshire Brands Co. (NYSE: HSH). Hillshire will buy Pinnacle for roughly $4.3 billion in cash and stock.
Investors sent Pinnacle shares up to $36.22 in morning trading after closing at $30.45 Friday. More than 11.5 million shares changed hands by noon, compared to Pinnacle's average daily volume of 510,000 shares.