Hostess Brands, the bankrupt maker of Wonder bread, said no competing bids were received for its snack-cake business including Twinkies, resulting in a proposed auction to be canceled.
A joint offer from Apollo Global Management and C. Dean Metropoulos & Co. was the only qualified bid received by the deadline, lawyers for hostess said in court papers filed Monday in U.S. Bankruptcy Court in White Plains, N.Y. "Accordingly, pursuant to the bidding procedures order, no auction will be conducted and buyer is the successful bidder," the lawyers said.
Apollo and Metropoulos offered as much as $410 million for the Hostess snack-cake business, which also includes CupCakes, Ding Dongs and Ho Hos, and other assets, including five bakeries and equipment.
Hostess, previously known as Interstate Bakeries, exited the earlier bankruptcy under the control of buyout firm Ripplewood Holdings and lenders.
Under the accord, the brands to be acquired by Apollo and Metropoulos will include Hostess, Dolly Madison, Mini Muffins, Zingers and Suzy Q's. In February, Hostess won bankruptcy court approval to hold auctions for its brands including Twinkies. A sale hearing, to approve the highest and best bids, is set for March 19.
Mark Semer, a spokesman for Metropoulos, didn't immediately respond to a request seeking comment on the court filing.
Charles Zehren, a spokesman for Apollo, declined to comment.