Hilton Foods

Very disappointing trading update from Hilton Foods. While this has been a long term holding of mine, it is also the one which has gone the most since purchase. This is the second time in a few months that they updated the market negatively. I have a 3 strikes out rule and this is the second strike for HFG. The outlook is quite uncertain so will likely hold until the trading update in late Jan 26 at which point I will decide to continue to hold or exit. I wonder if at these levels the company becomes vulnerable for a takeover?