Reuters – Bimbo, Apollo Vie for Hostess Cakes
Mexico's Grupo Bimbo and a partnership between Apollo Global Management and veteran food executive C. Dean Metropoulos are among the leading candidates to buy Hostess Brands Inc.'s snack cake brands, according to three people familiar with the matter, Reuters reported Thursday. Hostess, maker of the iconic Twinkies and Ding Dongs, would like to announce by Jan. 25 a so-called stalking horse bidder that would set a baseline for an auction and guarantee a buyer, said two other people familiar with the matter. The sale, which could raise around $400 million or more according to one of the sources, is part of the company's bankruptcy reorganization. Hostess decided to shut down its business and liquidate after a strike by its bakers' union crippled the 82-year-old company.
