KANSAS CITY, Mo. — Flowers Foods here has bid to acquire several of the bread brands and baking facilities from Hostess Brands for up to $390 million.
The company said it has offered $355 million for the Wonder, Butternut, Home Pride, Merita and Nature’s Price bread brands, along with 20 bakeries, 38 depots and other assets. That could be increased to $360 million if certain licensing rights are included.
It also bid another $30 million for the Beefsteak bread brand.
Hostess, which said in November it would seek to liquidate after multiple efforts at reorganization through bankruptcy, has requested the U.S. Bankruptcy Court to proceed with an auction with the Flowers offers as the stalking horse bids, meaning they would be approved unless higher bids come in during an auction process.
Read more: Hostess Seeks Liquidation
Hostess said it was continuing to negotiate with parties interested in purchasing its snack cake business and remaining bread brands.
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