Thomasville Times Enterprise

Homepage

February 28, 2013

Flowers bid moves to next phase

THOMASVILLE —  Flowers Foods Inc. confirmed on Thursday that its stalking horse bid for Hostess Brands Inc.’s Wonder, Nature’s Pride, Merita, Home Pride and Butternut bread brands; 20 bakeries; and approximately 38 depots for $360 million was declared the highest and best bid for such assets, eliminating the need for the auction that had been scheduled for Thursday.

This transaction moves to the next phase, which is a review and approval of Flowers’ bid by the bankruptcy court overseeing Hostess’ bankruptcy case at a hearing scheduled for March 19.

Flowers’ stalking horse bid for Hostess’ Beefsteak brand for a purchase price of $30 million was topped by another bidder. That auction was scheduled for Thursday, but Flowers chose not to increase its bid as would have been necessary to win the Beefsteak auction.

“We are pleased Flowers won the bid for Hostess’ primary bread brands and bakeries without the need for an auction,” said George E. Deese, Flowers Foods’ chairman of the board and CEO. “Now we move forward with the next step, which is the bankruptcy court review. Following that, the transaction will continue through the regulatory process before it can be finalized. We expect it could be several months yet before it’s finalized.”

Following Hostess’ exit from the market in November 2012 and the initiation of the sale of its assets, Flowers announced on Jan. 11 its agreement with Hostess to be the stalking horse bidder for certain Hostess bread bakeries and bread brands. If Flowers is ultimately successful in its acquisition of these assets, they will fit with the company’s long-term growth objective to reach more of the U.S. population with its fresh breads, buns, and rolls.

1
Text Only
Business Marquee
House Ads
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
AP Video
Raw: 2 Shells Hit Fuel Tank at Gaza Power Plant Raw: Massive Explosions From Airstrikes in Gaza Giant Ketchup Bottle Water Tower Up for Sale Easier Nuclear Construction Promises Fall Short Kerry: Humanitarian Cease-fire Efforts Continue Raw: Corruption Trial Begins for Former Va Gov. The Carbon Trap: US Exports Global Warming UN Security Council Calls for Gaza Cease-fire Traditional African Dishes Teach Healthy Eating 13 Struck by Lightning on Calif. Beach Baseball Hall of Famers Inducted Israel, Hamas Trade Fire Despite Truce in Gaza Italy's Nibali Set to Win First Tour De France Raw: Shipwrecked Concordia Completes Last Voyage Raw: Sea Turtle Hatchlings Emerge From Nest Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Air Algerie Flight 5017 Wreckage
Twitter Updates
Follow us on twitter
Photos


Poll

Does it bother you that the Thomasville-Thomas County Central football game won't be played for at least the next two years?

Yes
No
     View Results
NDN Video
'Hunger Games: Mockingjay Part 1' Sneak Peek GMA: Dog passes out from excitment to see owner Chapter Two: Designing for Naomi Watts Baseball Hall of Famers Inducted Florida Keys Webcam Captures Turtles Hatching Morgan Freeman Sucks Down Helium on 'Tonight Show' Robin Wright Can Dance! (WATCH) She's Back! See Paris Hilton's New Carl's Jr. Ad Big Weekend For Atlanta Braves In Cooperstown - @TheBuzzeronFox Chapter Two: Becoming a first-time director What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth Bradley Cooper Explains His Voice in 'Guardians of the Galaxy' Deja vu: Another NYPD officer choke-holding a suspect 'Fifty Shades of Grey': Watch the Super Sexy First Trailer Now! Reports: Ravens RB Ray Rice Suspended For 1st 2 Games Of The Season Air Algerie plane with 119 on board missing over Mali Diamond Stone, Malik Newman, Josh Jackson and others showcase talent Free Arturo - The World's Saddest Polar Bear A Look Back at Batman On Film Through The Years