Hostess to Sell Wonder Bread to Tastykake Parent
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The bankruptcy of Hostess left many Americans convinced that their favorite snacks would be gone forever. Those who were particularly attached to the fluffy white Wonder Bread can rest easy tonight knowing that brand has been saved from extinction by a sale to Thomasville, Ga.-based Flower Foods.
Flower Foods, the maker of Tastykakes, already has its own bread lines, including Nature’s Own and Cobblestone Mill. According to the Associated Press, the company offered $360 million for Wonder, Nature’s Pride, Butternut, Home Pride, and Merita, and $30 million for Beefsteak. The offer has been accepted as a "stalking horse bid," which means Flower gets to make the first offer, but higher bids can still be made and the final deal will have to be approved by bankruptcy court. According to Forbes, Flower Foods would receive a break-up payment if the brands wound up going to another bidder.
According to Hostess, its bread brands accounted for nearly $1 billion in sales last year. Half of that was thanks to Wonder Bread.
Everyone who is more interested in sugary packaged snacks will just have to sit tight. Those probably aren’t going anywhere either. According to AP, Hostess is expected to announce a buyer and/or buyers for its dessert products in the coming weeks.
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