**FILE** This 2003 photo originally released by Interstate Bakeries Corporation shows Twinkies ... more >Hostess is set to announce that it has picked two investment firms — C. Dean Metropoulos & Co. and Apollo Global Management — as its highest bidders for Twinkies and other snack cakes.
The Wall Street Journal reported Tuesday that the offer would be for more than $400 million. The deal could be disclosed as early as Tuesday.
After years of management turmoil, union struggles and turnover, Hostess declared it was going out of business in November. The Texas-based company has announced separate lead bidders for its other brands.
McKee Foods, which makes Little Debbie snack cakes, was picked as for Drake’s cakes, which include Devil Dogs, Funny Bones and Yodels, the Associated Press reports.
A representative for Apollo declined to comment, and a representative for C. Dean Metropoulos did not return calls for comment, AP reports.
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Jessica Chasmar is a continuous news writer for The Washington Times. Previously, she was part of the start-up team for The Washington Times’ digital aggregation product, Times247. She can be reached at jchasmar@washingtontimes.com.
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