Apollo, Metropoulos Selected as Stalking Horse Bidder for Hostess
February 01, 2013
Hostess Brands has selected Apollo Global Management and Metropoulos & Co. as the stalking horse bidder for the majority of the assets of its snack cake business. The assets include the company's Hostess and Dolly Madison brands, including the Twinkies brand. The two firms have agreed to pay $410 million to purchase the brands, five bakeries and certain equipment. Hostess has requested that the U.S. Bankruptcy Court authorize an auction for the assets on March 13, provided Hostess receives competing qualified bids. The company would select the highest and best offer at the conclusion of the auction.