Hostess Brands Inc, the bankrupt maker of Twinkies,
received court permission yesterday to proceed with auctions for
several of its brands, including Twinkies, Fruit Pies, and Wonder Bread.
The
U.S. Bankruptcy Court cleared Hostess to sell off
assets related to its Hostess and Dolly Madison Brands. The hearing to approve the successful bidder is scheduled for March 19.
Private
equity firms Apollo Global Management LLC and C. Dean Metropoulos
& Co have set a baseline offer of $410 million to buy the company's
snack cake brands including Hostess Twinkies and Dolly Madison,
Hostess said last month. Working together to buy the
82-year-old baker, this bid would serve as the minimum offer for the Hostess brands,
which could still be topped by others.
Source: Huffington Post
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