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Hostess set to announce bidder for Twinkies

Twinkies baked goods are displayed in November for sale at the Hostess Brands' bakery in Denver, Colo. (File photo by The Associated Press)
Twinkies baked goods are displayed in November for sale at the Hostess Brands' bakery in Denver, Colo. (File photo by The Associated Press)
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.The Associated Press
Wednesday, January 30, 2013 01:38 pm
NEW YORK – The indestructible Twinkie appears to be one step closer to a comeback.Hostess Brands is close to announcing that it has picked two investment firms – C. Dean Metropoulos & Co. and Apollo Global Management – as the lead bidders for its Twinkies and other snack cakes, according to a source close to the situation who was not authorized to comment publicly on the talks.

The joint "stalking horse" bid would set the floor for an auction process that lets competitors make better offers. A judge would have to approve any final sale.

After years of management turmoil and turnover, Hostess declared it was going out of business and selling its brands in November. The company, based in Irving, Texas, has already announced separate lead bidders for its other brands. McKee Foods, which makes Little Debbie snack cakes, was picked as the lead bidder for Drake's cakes, which include Devil Dogs, Funny Bones and Yodels.

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