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News Breaks
January 31, 2013
05:06 EDTAPOApollo, Metropoulos will not assume any of Hostess liabilities or obligations
Affiliates of Apollo Global and Metropoulos announced that they have entered into a "stalking horse" asset purchase agreement to acquire certain assets of Hostess Brands baked snack foods business for $410M in cash. Per the terms of the agreement, Apollo and Metropoulos will acquire certain Hostess Snacks brands, including, among others, Twinkies, Mini Muffins, Cup Cakes, Ho Hos, Zingers and Suzy Q's, and five Hostess Snacks bakeries located throughout the U.S. The agreement provides for the acquisition of the assets of Hostess Snacks free and clear and does not require Apollo and Metropoulos to assume any of Hostess Snacks' liabilities or other obligations. The asset purchase agreement constitutes a "stalking horse bid" in a sale process being conducted under Section 363 of Chapter 11 of the U.S. Bankruptcy Code. As such, the acquisition of Hostess Snacks by Apollo and Metropoulos remains subject to approval by the United States Bankruptcy Court for the Southern District of New York and a subsequent auction process in which other interested buyers may submit competing bids for the assets of Hostess Snacks. Completion of the transaction is expected to occur prior to the end of April.
News For APO From The Last 14 Days
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August 26, 2015
07:39 EDTAPOPiper Jaffray lowers estimates for asset managers below consensus
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August 18, 2015
19:47 EDTAPOCaesars creditors give ultimatum to Apollo Global, Bloomberg says
Earlier this month, creditors opposed to Caesars Entertainment's (CZR) bankruptcy plan demanded that Apollo Global (APO) -- one of the company's owners -- relinquish control of the bankrupt unit's parent company, reports Bloomberg, citing two people with knowledge of the matter. In exchange, the creditors offered to withdraw several lawsuits related to the bankruptcy, said the sources. Apollo rejected the ultimatum, though sources noted that talks are continuing. Reference Link

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