Pinnacle Foods Inc.’s moment as a pricey takeover target is slipping away.

Pinnacle, majority-owned by Blackstone Group LP, agreed last month to sell itself to Hillshire Brands Co. in a transaction valued at $6.6 billion, one of the most expensive major food deals ever struck, according to data compiled by Bloomberg. Those plans were disrupted when Hillshire itself received takeover bids that may be too good to pass up, spurring bets that the Pinnacle purchase is dead. If Hillshire calls off the agreement, it will have to pay Pinnacle $163 million and Blackstone will be left holding its 51 percent stake.

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