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Hostess has picked a lead bidder for its famous Twinkies.
The bankrupt company says it has selected a joint offer from two investment firms — C. Dean Metropoulos & Co. and Apollo Global Management LLC — as the lead bid for its Twinkies and other snack cakes.
Hostess, says the two are offering to pay $410 million for the snack-cake business and five bakeries.
The joint "stalking horse" bid would set the floor for an auction process that lets competitors make better offers. A judge would have to approve any final sale.
After years of management turmoil and turnover, Hostess declared it was going out of business and selling its brands in November. The company already announced separate lead bidders for its other brands including Drake's cakes and Wonder bread.