Hostess Brands Selects United States Bakery as Winning Bidder for Remaining Bread Brands
-- United States Bakery to Pay Approximately $30.9 Million for Sweetheart®, Eddy's®, Standish Farms®, and Grandma Emilie's® Brands
-- Company to Seek Court Approval of Transaction on April 9
KANSAS CITY, Mo., March 19, 2013 /PRNewswire/ -- Hostess Brands Inc. ("Hostess Brands" or "the Company") today announced that it has selected United States Bakery's approximately $30.9 million offer as the winning bid for the Company's Sweetheart®, Eddy's®, Standish Farms®, and Grandma Emilie's® bread brands, four bakeries, and 14 depots, plus certain equipment.
The United States Bakery offer was selected as the highest and best bid at a March 15 auction. The Company will ask the U.S. Bankruptcy Court for the Southern District of New York to approve the transaction at a hearing on April 9.
The final offer represents a 2.8 percent increase over United States Bakery's original stalking horse bid.
Jones Day provided legal advice to Hostess Brands on all of the transactions. Perella Weinberg Partners served as the Company's financial advisor.
About Hostess Brands
Founded in 1930, the Company's products include iconic brands such as Hostess®, Wonder®, Nature's Pride®, Dolly Madison®, Drake's®, Butternut®, Home Pride®, and Merita®.
SOURCE Hostess Brands Inc.
Released March 19, 2013