CNNMoney reported that Hostess Brands, the company that owns the iconic cream-filled snack cake is close to choosing its buyer, taking consumers a step closer to seeing Twinkies in grocery stores again after Hostess announced in November that it was shutting down.
Citing an unnamed source “familiar with negotiations” the article states that Apollo Global Management and C. Dean Metropoulous & Co., two private-equity firms, are the ones most likely to be approved in the current round of negotiations to ultimately purchase the Twinkies brand from Hostess during the liquidation of its assets.
But while Hostess gets to choose who buys the Twinkie brand, any agreements first have to gain the approval of the federal bankruptcy court charged with supervising the liquidation of Hostess’ assets, according to CNN. And so, other bidders could pop up and outbid the buyer Hostess ends up naming.
Hostess announced in November that it wanted to close its operations in response to a bakers union strike. This occurred after having filing for bankruptcy in January of 2012, for the second time since 2004.