Hostess sale moving forward
|Updated: 3/12/2013 3:31 pm
||Published: 3/12/2013 3:26 pm
NEW YORK (AP) - Hostess is moving ahead with plans to sell its Twinkies and other snack cakes to two investment firms after no other competitive offers were made.
The bankrupt company earlier picked a joint $410 million offer from Metropoulos & Co. and Apollo Global Management as the lead bid for the cakes. Others were given a chance to make better offers and the CEO of Hostess had predicted the auction would be competitive.
But in a document filed in U.S. bankruptcy court, Hostess Brands said no other qualified offers were submitted by the bid deadline. It said no auction for the cakes will be held as a result.
A hearing to approve the purchase is set for March 19. Hostess owns a plant in Tulsa that employed nearly 160 workers. No word on how the sale could impact them.
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