NEW YORK, March 11 (Reuters) – Hostess Brands Inc said Monday its snack-cake business would be sold to private equity firms Apollo Global Management LLC and C. Dean Metropoulos & Co after no other bids were received, negating the need for an auction.
Apollo Global Management and C. Dean Metropoulos in January offered $410 million for the business, which includes Twinkies, Cup Cakes and Suzy Q’s.
The bid by the private equity firms for the 82-year-old baker was to serve as the minimum offer for the business, which others could have topped in an auction. Mexico’s Grupo Bimbo had been seen as a potential candidate but no other bids materialized.
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