Hostess Brands Inc said Monday its snack-cake business would be sold to private equity firms Apollo Global Management LLC and C. Dean Metropoulos & Co after no other offers were received, negating the need for an auction.Apollo Global Management and C. Dean Metropoulos in January offered $410 million for the business, which includes Twinkies, Cup Cakes and Suzy Q's.The bid by the private equity firms for the 82-year-old baker was to serve as the minimum offer for the business, which others could have topped in an auction. Mexico's Grupo Bimbo had been seen as a potential candidate but no other bids materialized."Pursuant to the bidding procedures order, no auction will be conducted and buyer is the successful bidder," the company's attorneys wrote in a filing on Monday with the U.S. Bankruptcy Court in White Plains, NY.
Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO remained unchanged at $24.00. In the past year, the shares have traded as low as $10.42 and as high as $24.87. On average, 585775 shares of APO exchange hands on a given day and today's volume is recorded at 603202.
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