Irving / TX. (hbi) Hostess Brands Inc. announced that the stalking horse bid submitted by McKee Foods Corporation for the «Drake´s» snack cake brand will be the bid presented for approval to the U.S. Bankruptcy Court as no other qualified bids were received for those assets. McKee has agreed to pay 27,5 million USD for the «Drake´s» brand and certain equipment. Drake´s products include Ring Dings, Yodels, Devil Dogs, Yankee Doodles, Sunny Doodles and Drake´s Coffee Cake. 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 09. Separately, Hostess Brands will proceed with an auction for its «Sweetheart», «Eddy´s», «Standish Farms» and «Grandma Emilie´s» bread brands on March 15 after the Company received additional qualified offers. United States Bakery Inc., as the stalking horse bidder, has agreed to pay 30 million USD for the brands, four bakeries and 14 depots, plus certain equipment. The Company´s other proposed transactions include: The sale of the majority of the Company´s snack cake business to affiliates of Apollo Global Management LLC and Metropoulos + Company. Apollo and Metropoulos have agreed to pay 410 million USD for the assets, which include both «Hostess» and «Dolly Madison» branded products, five bakeries and certain equipment. Among the products included are the Company´s «Twinkies», «Ho Hos», «Ding Dongs» and «Donettes» snack cakes. The sale of the majority of the Company´s bread business, including its «Wonder» brand, to Flowers Foods Inc. for 360 million USD. The agreement includes, in addition to the brands, 20 bakeries, 38 depots and other assets. The sale of the «Beefsteak» bread brand to Grupo Bimbo, S.A.B. de C.V. for 31,9 million USD. Hostess Brands will seek Court approval of the above transactions on March 19.
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