Hostess Picks Lead Bidders for Twinkies

Hostess has picked a lead bid for its famous Twinkies. The bankrupt company said late Wednesday that it has selected a joint offer from two investment firms — Metropoulos & Co. and Apollo Global Management LLC — as the lead bid for its Twinkies and other snack cakes. Hostess says the two are teaming to on $410 million bid for the snack-cake business and five bakeries. The "stalking horse" bid would set the floor for an auction process that lets competitors make better offers. A...Full Story