Yesterday,
both the Wall
Street Journal and NBC
reported that the sale of Hostess
was imminent: The indestructible Twinkie appears to be one step closer to a
comeback. You remember the Twinkie: It is a soft, sweet yellow cake with
methamphetamine in the center.
close to announcing that it has picked two investment firms — C. Dean
Metropoulos & Co. and Apollo Global Management — as the lead bidders for
its Twinkies and other snack cakes, according to a source close to the
situation.
The so-called
stalking horse bid would be for more than $400 million, according to the Wall
Street Journal. It would serve as the baseline offer for the business and could
be topped by others at an auction. A judge would have to approve any
final sale.
NBC also
reported that on Monday that Hostess chose McKee Foods Corp, maker of Little Debbie
snack cakes, as the initial bidder for its Drake’s cakes business, which
includes Ring Dings, Yodels and Devil Dogs.
It also
chose United States Bakery as the lead bidder for four of its smaller bread
brands plus bakeries, equipment and depots.
There goes
America’s new retirement plan. People have been hoarding cases of Twinkies ever
since they heard about the possible bankruptcy. Their evil plan was to auction
them off just before retirement…
The
Wrongologist has previously discussed the Hostess financial situation here.
One small
step in the courts, one giant leap for America’s waistlines.
