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News Breaks
January 28, 2013
16:52 EDTFLOHostess selects stalking horse bidders for Drake's, additional bread brands
Hostess Brands announced that the company has selected two stalking horse bidders for its Drake's snack cake brand and for its Sweetheart, Eddy's, Standish Farms, and Grandma Emilie's bread brands. The combined purchase price under the two stalking horse bids is approximately $56.35M. Under the first stalking horse agreement, McKee Foods Corporation has agreed to pay $27.5M for the Drake's brand and certain equipment. Under the second stalking horse agreement, United States Bakery has agreed to pay $28.85M for the Sweetheart, Eddy's, Standish Farms, and Grandma Emilie's bread brands, four bakeries, and 14 depots, plus certain equipment. As previously announced, Flowers Foods (FLO) was selected as the stalking horse bidder for the majority of the assets related to Hostess's bread business for a purchase price consists of $355M in cash which will be increased to $360M if certain license rights are included in the sale. Hostess has also selected Flowers as the stalking horse bidder for the company's Beefsteak bread brand. The purchase price consists of $30M in cash for the brand. The company will hold an auction for the majority of the bread business on February 28.
News For FLO From The Last 14 Days
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November 13, 2015
08:13 EDTFLOFlowers Foods pullback a buying opportunity, says Stephens
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November 12, 2015
12:02 EDTFLOOn The Fly: Top stock stories at midday
Stocks on Wall Street opened deep in negative territory but the averages began to pare their losses almost immediately. All eyes and ears were on Fed Chair Janet Yellen, who gave a welcoming speech at a Fed conference, though she did not discuss policy or the economy. Other Fed speakers talked about the lack of inflation as well as interest rate expectations, but their comments so far this morning have failed to clarify expectations for the December meeting. ECONOMIC EVENTS: In the U.S., initial jobless claims were unchanged at 276,000 in the week of November 7, versus expectations for 270,000 first-time claims. The JOLTS report showed job openings rebounded 149,000 to 5.53M in September. In Europe, European Central Bank president Mario Draghi, in remarks delivered in a hearing in the European Parliament, once again signaled that the bank is ready to boost stimulus at its December meeting as warranted. COMPANY NEWS: Shares of Angie's List (ANGI) jumped 12% after Barry Diller's IAC/InterActiveCorp (IACI), the parent company of HomeAdvisor, made public a $8.75 per share cash buyout offer. Yelp (YELP), which also connects people with local businesses via its web-based and mobile services, advanced 8% following the revelation of the takeout bid for Angie's List... Department store owner Kohl's (KSS), which was weak yesterday along with virtually every company in the space following Macy's (M) disappointing results, bounced back 6% after its third quarter report topped expectations on both the top and bottom lines... Advance Auto Parts (AAP) sunk 13% after its earnings missed the consensus forecast, its profit guidance was lowered, its CEO announced plans to retire and Starboard's CEO Jeff Smith was appointed to the company's board. MAJOR MOVERS: Among the notable gainers was Eros International (EROS), which rallied more than 8.5% after it called allegations of security laws violations "baseless and misleading." Also higher was Viacom (VIAB), which gained 2.5% after it quarterly earnings came in roughly in-line with consensus estimates. Among the noteworthy losers was Fairmount Santrol (FMSA), which fell 20% after reporting downbeat third quarter earnings and suspending its earnings guidance due to market uncertainty. Also lower was Flower Foods (FLO), which dropped 10% after it reported quarterly earnings and narrowed its fiscal 2015 guidance. INDEXES: Near midday, the Dow was down 147.82, or 0.84%, to 17,554.40, the Nasdaq was down 18.15, or 0.36%, to 5,048.87, and the S&P 500 was down 13.77, or 0.66%, to 2,061.23.

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