Hostess selects Flowers Foods as stalking horse bidder for bread businesses
An auction has been set for Jan. 25.
Hostess Brands selected Flowers Foods as the stalking horse bidder for most of its bread businesses, including the Butternut, Home Pride, Merita, Nature’s Pride and Wonder brands. The agreement would include a cash payment of up to $360 million. Hostess also selected Flowers Foods as the stalking horse bidder for its Beefsteak bread brand in a separate agreement. Hostess has requested that a NY bankruptcy court authorize the company to proceed to auction with Flowers Foods acting as the stalking horse. A hearing is scheduled for Jan. 25, with the auction set to take place on Feb. 28 if Hostess receives permission to proceed.