The indestructible Twinkie appears to be one step closer to a comeback.
Hostess Brands is close to announcing that it has picked two investment firms -- C. Dean Metropoulos & Co. and Apollo Global Management -- as the lead bidders for its Twinkies and other snack cakes, according to a source close to the situation who was not authorized to comment publicly on the talks.
The joint "stalking horse" bid would set the floor for an auction process that lets competitors make better offers. A judge would have to approve any final sale.
After years of management turmoil and turnover, Hostess declared it was going out of business and selling its brands in November. The company, based in Irving, Texas, has already announced separate lead bidders for other its brands. McKee Foods, which makes Little Debbie snack cakes, was picked as for Drake's cakes, which include Devil Dogs, Funny Bones and Yodels.
Flowers Foods, which makes Tastykakes and a variety of breads, was picked as the lead bidder for six of Hostess' major bread brands, including Wonder.
United States Bakery Inc. was picked as the lead bidder for a number of smaller bread brands.
Citing sources close to the situation it did not same, the Wall Street Journal reported Tuesday that the offer for Twinkies and other snack cakes by C. Dean Metropoulos and Apollo would be for more than $400 million. The report said that the deal could be disclosed as early as Tuesday.
A representative for Apollo declined to comment. A representative for C. Dean Metropoulos did not return calls for comment.
Hostess has stressed in bankruptcy proceedings that it needs to move quickly in the sale of its brands to capitalize on the outpouring of nostalgia and media coverage prompted by its demise. The longer the cakes and breads are off shelves, the more people will become accustomed to eating cakes and breads by rivals, the company has said.
Police release surveillance video of a man being shot and robbed of $70,000 in the parking lot of a supermarket in Northeast Philadelphia.
Authorities say a teenager drowned while reportedly trying to retrieve a soccer ball from a recreational reservoir in southeastern Pennsylvania.
A woman has died after being hit by three cars in Philadelphia's Logan section. Police say two of the vehicles drove off, and they're still searching for one of them.
The holiday weekend is looking warmer and unsettled. Shower and thunderstorm chances increaselate Sunday and Labor Day.
After a very cool start it'll be a beautiful Friday with sunshine, low humidity and high temperatures near 80 degrees.
The holiday weekend is looking warmer and unsettled. Shower and thunderstorm chances increase late Sunday and Labor Day.
Friday (80/62): Sun
Saturday (83/69): Sun/Clouds
Sunday (88/74): Clouds/Storm
Monday (90/72): Clouds/Storm
Tuesday (91/73): Clouds/Storm
We want to say congratulations this morning to Broomall-Newtown Baseball, which now has two Babe Ruth World Series winners in one year!
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Philadelphia is gearing up for the big Labor Day weekend "Made in America" concert on the parkway. Find out what you need to know if you are planning on attending, and what you should not bother to bring.