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Hostess bidders win the $400 million pie

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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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