United States Bakery spends lots of dough for Hostess bread brands
KANSAS CITY, Mo. — Hostess Brands 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.