For better or worse, it seems Twinkies will live on.
Hostess Brands chose lead bidders for the Twinkie franchise and five related bakeries late Wednesday. In a joint attempt to purchase the brand, C. Dean Metropoulos & Co. and Apollo Global Management LLC together offered $410 million.
But Twinkie isn’t sold just yet. Following the announcement, other bidders may try to outdo the two firms. A judge will approve the final sale.
The brand has said they want to secure a buyer quickly before the brand memory fades from the public’s mind. Hostess filed for bankruptcy in November.
Hostess Brands also include Drake’s cakes and Wonder bread, both of which were sold Wednesday night. McKee Foods, best known for its Little Debbie cakes, bought Drake’s for $27.5 million.