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January 31, 2013
05:01 EDTAPOApollo, Metropoulos acquire majority of Hostess snack cake business for $410M
Hostess Brands announced that the company has selected affiliates of Apollo Global and Metropoulos as the stalking horse bidder for the majority of the assets of the company's snack cake business, which includes both Hostess and Dolly Madison branded products, including the Twinkies brand. Apollo and Metropoulos have agreed to pay $410M to purchase the brands, 5 bakeries and certain equipment. Hostess Brands has requested that the U.S. Bankruptcy Court for the Southern District of New York authorize the company to proceed with an auction for the majority of the assets of the snack cake business on March 13, provided the company receives competing qualified bids. The company will select the highest and best offer at the conclusion of the auction. The sale to the winning bidder requires court approval.
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