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February 28, 2013
16:43 EDTFLOFlowers Foods CEO comments on winning Hostess bread assets bidding
Flowers Foods confirmed that its stalking horse bid for Hostess Brands Wonder, Nature's Pride, Merita, Home Pride, and Butternut bread brands; 20 bakeries; and approximately 38 depots for $360M was declared the highest and best bid for such assets, eliminating the need for the auction that had been scheduled for February 28. This transaction now moves to the next phase, which is a review and approval of Flowers' bid by the bankruptcy court overseeing Hostess' bankruptcy case at a hearing scheduled for March 19. Flowers' stalking horse bid for Hostess' Beefsteak brand for a purchase price of $30M was topped by another bidder. That auction was scheduled for today, but Flowers chose not to increase its bid as would have been necessary to win the Beefsteak auction. CEO George E. Deese said, "Now we move forward with the next step, which is the bankruptcy court review. Following that, the transaction will continue through the regulatory process before it can be finalized. We expect it could be several months yet before it's finalized."
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