Expand the Text (Right click and Create Outlines) first, join it into one shape (Unite tool in Pathfinder palette), then convert it into a Compound Path (CTRL+8).
Fill both the bunny shapes and subtract the center bunny on top from the bottom (larger) bunny shape to create a Compound Shape. (Use the Minus Front tool in the Pathfinder palette).
Then join the two compound paths using the Unite tool in the Pathfinder palette.