US: Hostess expects to complete sale within months
Hostess auction nears
Hostess Brands has indicated that it expects to complete the auction process selling off its brands and assets within a matter of months.
The Twinkies maker wound down its operations and went into administration in November when it insisted a national strike organised by BCTGM union "crippled" the already struggling company.
Since then, Hostess has received "hundreds" of expressions of interest for its iconic brands and production facilities, a spokesperson for the group told just-food today (2 January). "There is interest in the facilities, though clearly the brands are of greater interest," the spokesperson said.
The spokesperson revealed the group expects to set up a stalking horse process with around six bidders, the names of which will be announced later this month.
"We expect to select and name the stalking horse bidders and then the formal bidding process would take four to six weeks," the spokesperson said.
Reports have identified the likes of Flowers Foods, Kroger and - most recently - Bimbo as potential bidders. According to recent reports, Bimbo would look to snap up the Hostess business in its entirety. The spokesperson did not rule out the possibility of selling off the business as a whole. "It is a case of looking at what the best offer is," the spokesperson said.
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