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.
The so-called stalking horse bid would be for more than $400 million, according to the Wall Street Journal. It would serve as the baseline offer for the business and could be topped by others at an auction. A judge would have to approve any final sale.
A deal, part of Hostess’s bankruptcy reorganization, is not yet final, said the source, who declined to be identified as the discussions are not public.
