Hostess Assets Net $392M In Bids From Flowers, Bimbo

Law360, New York (February 28, 2013, 6:37 PM EST) -- Hostess Brands Inc. on Thursday auctioned most of its bread business to Georgia-based bakery food maker Flowers Foods Inc. for $360 million, while Mexico’s baking giant Grupo Bimbo SAB de CV edged out Flowers for the Hostess Beefsteak bread business with a $31.9 million bid.

Flowers was successful in its stalking horse bid for most of the company’s bread business assets, which include the Butternut, Nature’s Pride and Wonder brands, Hostess confirmed in a statement Thursday. Meanwhile, Bimbo upended Flowers’ $30 million bid for the Hostess...
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