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Flowers Food Inc. wins Wonder bread brand

hostess bread brands bankrupt bakery stalking horse bidder

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#1 Hum

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Posted 27 February 2013 - 16:32

(Reuters) - Flowers Foods Inc (FLO.N) is set to buy Hostess bread brands including Wonder bread for $360 million after no other bidder stepped up to make a competing offer, a source familiar with the matter said on Wednesday.

The bankrupt bakery company was set to run an auction on Thursday for the brands, which also include Butternut, Home Pride, Merita and Nature's Pride, but there will be no auction since there were no other bids, the source said.

There will be an auction for the Beefsteak brand, for which Flowers bid $30 million, since Hostess received a higher bid from Mexico's Grupo Bimbo (BIMBOA.MX), said the source, who declined to be named as the process is private.

The deal with Flowers is still subject to approval by a bankruptcy court.

Flowers agreed in January to be the "stalking horse" bidder, which set a floor for the bidding and was subject to a court-supervised auction.

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#2 Growled

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Posted 28 February 2013 - 01:35

At least maybe now the brand will live on another day.

#3 jerzdawg

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Posted 28 February 2013 - 15:53

Thank god, Ive been using Wonder bread for the last 15 years or so (or as long I have had to do the shopping) and switching to a new brand of bread was not easy. Cant wait til Wonder is back on the shelves