Daily News: January 31, 2013

Hostess Stalking Horse Bids Total $858MM

Bloomberg reported that Hostess Brands’ CEO Greg Rayburn announced that the stalking horse bids for the company’s assets now total $858 million, with about $100 million more for sale.

The Irving, TX-based company previously announced that it chose Apollo Global Management and Metropoulous & Co. as the lead bid for Twinkies and other cake brands. The joint bidders offered as much as $410 million, Bloomberg said.

The article also said that Rayburn told Bloomberg’s Betty Liu that he will most likely resign when the auction process is complete.

To read the entire Bloomberg article, click here.

Previously on abfjournal.com:

Hostess Selects Stalking Horse Bid for Snack Cake Business, Thursday, January 31, 2013