I'm not sure that either would be likely. My thinking is that a buyout of the reminder of KBL would be beyond FLO's financial capacity. They already have a very large amount of debt and buying the other 45% (probably at a neccessarily high premium) would simply over extend them.
Selling Keebler to fund the purchase of other bakeries is probably more likely than the above scenario but in most situations like these the entrenched management doesn't want to do drastic things, especially when there is no crisis.
Probably the most attractive option is to just continue down today's path and fix the pie business. Just my opinion.