Hostess Says No Rival Bids Received for Snack-Cake Business
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Hostess Brands Inc., the bankrupt maker of Wonder bread, said no competing bids were received for its snack-cake business including Twinkies, resulting in a proposed auction to be canceled.
A joint offer from Apollo Global Management LLC and C. Dean Metropoulos & Co. was the only qualified bid received by the deadline, lawyers for hostess said in court papers filed today in U.S. Bankruptcy Court in White Plains, New York. “Accordingly, pursuant to the bidding procedures order, no auction will be conducted and buyer is the successful bidder,” the lawyers said.