Reuters: Bankruptcy News: UPDATE 1-Apollo, Metropoulos submit baseline offer for Hostess Twinkies

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UPDATE 1-Apollo, Metropoulos submit baseline offer for Hostess Twinkies Jan 31st 2013, 02:09 Wed Jan 30, 2013 9:09pm EST Jan 30 (Reuters) - Hostess Brands Inc said private equity firms Apollo Global Management LLC and C. Dean Metropoulos & Co have set a baseline offer of $410 million to buy the company's snack cake brands including Hostess Twinkies and Dolly Madison. The so-called stalking horse bid by the private equity firms would serve as the baseline offer for the business, which could still be topped by others. Apollo and Metropoulos have agreed to purchase the brands, five bakeries and certain equipment. Hostess said it would select the winning bidders for the assets of the bread and snack cake businesses at the conclusion of various auctions. The company has requested that the bankruptcy court in New York authorize it to proceed with an auction for the majority of the assets of the snack cake business on March 13. The sale to the winning bidder requires court approval. Hostess was granted permission by a U.S. bankruptcy court judge in November to wind down its business and liquidate its assets after a strike by a baker's union crippled the 82-year-old company's operations. The case is In re: Hostess Brands Inc et al, U.S. Bankruptcy Court, Southern District of New York, No. 12-22052. (Reporting by Sakthi Prasad in Bangalore; Editing by Chris Gallagher)

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