Posted: Jan 29, 2013 9:58 AM by Associated Press
NEW YORK (AP) - 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.
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.
Hostess has already picked separate lead bidders its Drake's cakes and breads, which include Wonder.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at email@example.com, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Watch Daybreak Web Videos in full
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties