IRVING, TX -- Hostess Brands Inc. said it will sell Twinkies and other iconic snack cakes to private-equity firms Apollo Global Management LLC and C. Dean Metropoulos & Co. after no other bids were received, eliminating the need for an auction. The new owner told several news outlets that it hopes to have Twinkies back on U.S. store shelves by this summer.
Apollo Global Management and C. Dean Metropoulos in January offered $410 million for Twinkies and other hostess assets, including Ho Hos, Ding Dongs and Donettes snack cakes.
The company will ask the U.S. Bankruptcy Court for the Southern District of New York to approve the transaction at a hearing on March 19.
Flowers, which makes Tastykake and Mrs. Freshley's pastries and the Nature's Own bread brand, has agreed to acquire Hostess's Wonder, Butternut, Home Pride, Merita and Nature's Pride bread brands for $360 million in an uncontested bid.
On March 15, Hostess will conduct an auction for its Drake's snack cake business and Beefsteak bread brand. The combined stalking horse bids for those assets total approximately $56.6 million.