Posted: Mar 12, 2013 10:05 AM by AP
NEW YORK (AP) - Hostess is moving ahead with plans to sell its Twinkies and other snack cakes to two investment firms after no other competitive offers were made.
The bankrupt company had earlier picked a joint $410 million offer from Metropoulos & Co. and Apollo Global Management as the lead bid for the cakes. Others were given a chance to make better offers and the CEO of Hostess had predicted the auction would be competitive.
But in a document filed in U.S. bankruptcy court, Hostess Brands said no other qualified offers were submitted by the bid deadline. It said no auction for the cakes will be held as a result.
A hearing to approve the purchase is set for March 19.