Posted on 03/14/2013 5:50:55 PM PDT by Morgana
Hostess Brands Inc. on Thursday named McKee Foods Corp. the winning bidder for its Drake's brand of coffee cakes and other treats, as no other bidder topped McKee's $27.5 million offer.
Hostess said a planned Friday auction for Drake's, which makes Ring Dings, Yodels, Devil Dogs and its namesake Drake's coffee cake, will be canceled. Hostess will ask a bankruptcy judge to approve the transaction at an April 9 hearing.
McKee, the maker of Little Debbie snack cakes, in January was named the lead bidder for Drake's. The company will get Drake's brands and equipment if the judge approves the sale.
Hostess said it will hold a Friday auction for some of its smaller bread brands after a rival bidder emerged to challenge a subsidiary of United States Bakery Inc. Those brands include Sweetheart, Eddy's, Standish Farms and Grandma Emilie's.
Hostess, the maker of Twinkies and Wonder bread, filed for Chapter 11 in January 2012. The company eventually began selling off its assets, generating interest from both rival bakers and private equity firms.
The company earlier this week canceled an auction for Twinkies and other cake brands after no rival bidder emerged against Apollo Global Management LLC and Metropoulos & Co.'s $410 million offer.
(Excerpt) Read more at foxbusiness.com ...
Drakes Devil Dogs and Coffee Cakes!!
Yum!!
Hope they make them exactly the same way.
“just wish someone would bring back the Beefsteak Rye bread”, as long as we’re wishin’, let’s wish for Hypower Hot Tamales to come back.
$27 million for Drakes? That’s the price of one vacation for Zippy.
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