Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Investors of pet food and canned-fruit specialist Del Monte Foods (NYSE: DLM) woke up to a sweet 13% surge this morning, after reports surfaced that the company's close to being taken over by private equity firm KKR (NYSE: KKR)

So what: One source close to the situation said that the two sides are batting around a price of $18.50 a share, which represents an 18% premium to yesterday's close. The pet food industry, where Del Monte derives about half of its business, has been in consolidation mode, with consumer-goods giants Nestle and Procter & Gamble (NYSE: PG) also making big buys in the space recently.

Now what: When you make a quick double-digit gain on takeover rumors, taking at least some money off the table seems prudent. Including today's surge, shares of Del Monte are up more than 30% over the past three months alone. With quality rivals Dole (NYSE: DOLE) and ConAgra (NYSE: CAG) trading flat over the same period, you won't have to look very far to reallocate your capital.

Interested in more info on Del Monte? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Procter & Gamble is a Motley Fool Income Investor pick. The Fool owns shares of and has written covered calls on Procter & Gamble. Try any of our Foolish newsletter services free for 30 days.

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