Meanwhile, it missed its chance to acquire Pinnacle Foods, and didn't step up when activist pressure forced Campbell Soup (NYSE: CPB) to explore a potential sale last year. To truly bolster its long-term sales, Kraft might need to make a massive acquisition like General Mills ' (NYSE: GIS) $8 billion takeover of Blue Buffalo Pet Products last year. That decline contradicted CFO David Knopf's third-quarter claim that Kraft's adjusted EBITDA margin would improve in the fourth quarter as the company finds a "balance between cost inflation and savings."