US: Silver Point, Hurst "interested" in Hostess snack cake unit
By Michelle Russell | 11 March 2013
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Silver Point Capital sent a letter to Hostess's bankers in the last few days expressing interest in buying all or part of the business |
Hostess Brands creditor Silver Point Capital and hedge fund Hurst Capital are understood to be interested in buying some of the US baker's snack cake brands, including Twinkies.
According to the New York Post, Silver Point Capital sent a letter to Hostess's bankers in the last few days expressing interest in buying all or part of the company's remaining assets.
Hurst Capital, which announced in November its desire to buy all of Hostess, has reportedly formed a partnership with other private-equity firms to make an offer, the publication noted.
Hostess, which last year received permission from a US bankruptcy court to wind down its business and liquidate its assets, this month sold its bread units, including Wonder, to Flowers Foods. Its Beefsteak business went to baker Grupo Bimbo.
In January, Apollo Global Management and Metropoulos submitted a US$410m offer to buy the company's snack cake brands, including Twinkies and Dolly Madison. The bid represents a base-line offer and the units remain subject to a competitive bidding process.
Silver Point, Hurst Capital and Hostess had not returned a request for comment at the time of going to press.
Sectors: Bakery, Mergers & acquisitions, Snacks
Companies: Hostess Brands, Flowers Foods, Grupo Bimbo
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