US: Hostess to name stalking horse bidder for Drakes - report
Hostess put its business on the block in November
Hostess Brands, the producer of well-known brands such as Twinkies, is preparing to file a "stalking horse" agreement for its Drakes bakery brand next week, it is understood.
Hostess put its business on the block in November, when it wound down operations and went into liquidation. The company is currently in the process of selling off its brands and assets.
Last week, Mexican baker Groupo Bimbo was believed to be the front-runner in the sale of Hostess Brands snack cake interests.
According to Reuters, the statement came from a lawyer for the bakery business at a court hearing today (25 January), at which Hostess is seeking permission to sell the majority of its bread brand assets and Beefsteak brand at a 28 February auction. The report did not name the lead bidder.
Last week, the company named Flowers Foods as the stalking horse bidder for various bread assets, including Wonder Bread. The company has tabled an offer to buy 20 bread plants, 38 depots and other assets for $355m.
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