Deals
Grupo Bimbo Wins Hostess Beefsteak Auction
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Grupo Bimbo SAB won an auction to buy bankrupt Hostess Brands Inc.’s Beefsteak bread brand, beating an initial bid by Flowers Foods Inc. with a $31.9 million offer.
Grupo Bimbo, the Mexico City-based maker of Sara Lee products, Entenmann’s cakes and Thomas English Muffins, topped Flowers’ $30 million opening offer for the rye-bread brand yesterday, Hostess said in a statement. No rivals challenged Flowers’ $360 million bid for the majority of Hostess’s bread-making business, including its Wonder brand, and an auction planned for yesterday was canceled.