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Stock Market & Financial Investment News

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.
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