It’s finally time. Break open your piggy banks, boys and girls, because Twinkies are up for auction.
How the public has suffered since Hostess Brands Inc.’s November 2012 liquidation, not knowing the fate of the beloved snack cake that has graced lunchboxes and nuclear survival bunkers for years, even as the company’s other brands received bids from buyers.
But no more. On Monday, the court gave Hostess permission to proceed with auctions for some of its remaining brands, including big dogs Twinkies and Wonder Bread.
The baseline offer comes from Apollo Global Management and C. Dean Metropoulos & Co., two private equity firms who are ponying up $410 million for the brands. So that’s the number we have to beat.
A hearing is scheduled for March 19 to approve the lucky winning bidder.
Read more at Reuters.
For the full Hostess saga on InsideCounsel, see below:
Hostess lines up bids for Drake’s snack cakes and bread brands
Flowers Foods will buy some Hostess brands
Hostess’s union requests Chapter 11 trustee supervise liquidation
Court grants Hostess permission to liquidate
Hostess announces liquidation, the end of Twinkies
Hostess will seek to liquidate if striking workers don’t return to their jobs
Hostess imposes wage-cutting contract on workers to avoid going under
