McKee Foods To Snag Hostess Drake's Brand With $27.5M Bid

Law360, New York (March 14, 2013, 10:50 PM EDT) -- With no other qualified takers for Hostess Brands Inc.’s Drake’s snack cake brand, the beleaguered food maker will proceed with Little Debbie snacks-maker McKee Foods Corp.’s $27.5 million bid for the brand, the companies said Thursday.

Hostess will cancel its auction scheduled for Friday and turn in McKee Foods’ bid to the U.S. Bankruptcy Court for approval at an April 9 hearing, after failing to receive any other qualified bid for the brands, according to statements Thursday by Hostess and McKee Foods. Drake's brands snacks include...
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