Deals
Hostess Cancels Drake’s Auction After Single Bid by McKee
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Hostess Brands Inc. canceled an auction scheduled for tomorrow for its Drake’s snack-cake brand, saying McKee Foods Corp., maker of Little Debbie snacks, made the only qualified bid.
A $27.5 million offer from McKee was the only one received by the deadline, lawyers for Hostess said in papers filed today in U.S. Bankruptcy Court in White Plains, New York. The company confirmed McKee as the winning bidder in a statement.