Hostess Brands Inc. announced that it has selected U.S. Bakery's approximately $30.9 million offer as the winning bid for the company's Sweetheart®, Eddy's®, Standish Farms® and Grandma Emilie's® bread brands, four bakeries and 14 depots, plus certain equipment.
The U.S. Bakery offer was selected as the highest and best bid at a March 15 auction. The company will ask the U.S. Bankruptcy Court for the Southern District of New York to approve the transaction at a hearing on April 9.
The final offer represents a 2.8 percent increase of U.S. Bakery's original stalking horse bid.
Jones Day provided legal advice to Hostess Brands on all of the transactions. Perella Weinberg Partners served as the company's financial advisor.