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.
US breakfast cereal group Post Holdings kicks off a relatively quieter week of results with its half-year numbers on Monday. On Tuesday, meat giants Marfig and JBS will report on how it fared in the f...
UK private-equity firm Actis has acquired a 30% stake in Egypt-based snack food group Edita Food Industries....
- How brands are eyeing their own retail presence
- Why Lactalis could move for Dairy Crest
- Who could swoop for Diamond Foods?
- The consistent inconsistency of European promos
- Indonesia – How ice cream makers can drive volumes
- Nestle, R&R Ice Cream in joint venture talks
- How the food industry is reacting to TPP
- China implements new safety regulations
- Unilever acquires Italian gelato group Grom
- Mondelez 'preparing to sell European cheese unit'
- Management briefing: just-food’s industry outlook for 2015
- Global Savory Snacks Market: Merger and Acquisitions August 2015
- Danone SA : Consumer Packaged Goods - Company Profile, SWOT & Financial Analysis
- E-Grocery Market in India - Market Research 2015-2019
- Food and Beverage Coding and Marking Equipment: Market Outlook 2015-2019