- Hostess Brands on Tuesday formally announced Apollo Global Management and Metropoulos & Co. as the buyers for its snake cake operations, which will include the purchase of the Hostess and Dolly Madison brands.
- The U.S. Bankruptcy Court for the Southern District of New York will be asked to approve the sale on March 19.
- Apollo and Metropoulos bid $410 million for the cakes, and will gain control of Twinkies, Ho Hos, Ding Dongs and Donettes as a result of the purchase.
From the press release:
KANSAS CITY, Mo., March 12, 2013 - Hostess Brands Inc. ("Hostess Brands" or "the Company") announced that the stalking horse bid submitted by affiliates of Apollo Global Management, LLC (NYSE: APO) (collectively with its subsidiaries "Apollo") and Metropoulos & Co. ("Metropoulos") for the majority of the Company's snack cake business, which includes both Hostess® and Dolly Madison® branded products, will be the bid presented for approval to the U.S. Bankruptcy Court as no other qualified bids were received for those assets. ...