Tuesday, February 19

Hostess is "wild and woolly" Twinkies auction

Hostess is

Matthew j. Belvedere, CNBC - 5 pm.

The bids for Twinkies and other snack cakes by bankrupt hostess brands competitive his, predicts company CEO Greg Rayburn in an interview of the "first on CNBC" on Thursday.

Hostess chose a planned range of $410 million from private equity firm Apollo global to buy management and Metropoulos & co., marks, five bakeries and certain equipment.

More from CNBC: private-equity firms puts hostess rescue plan

"The auction on the cake side of-the Twinkie page - be wild and wooly," Rayburn told "Squawk Box."

The so-called "stalking horse" offer by the private-equity firms, to buy 82-year-old Baker would serve as the minimum offer. Leon Black's Apollo works with Connecticut billionaire C. Dean Metropoulos, owner of Pabst Blue Ribbon. Metropoulos is a former food-industry-Manager, a failed bid for Sara Lee in 2011.

Other bidders could still offer more at an auction that hostess next month wants to be pending approval by the U.S. bankruptcy court for the Southern District of New York.

The agreement requires no Apollo and Metropoulos to hostess snacks liabilities or other obligations.

In November, hostess said it went out of business, which led to the loss of about 18,000 jobs.

"I would like to see more people have busy - announcement - less," Rayburn said Thursday on CNBC. [But] the standard in bankruptcy court is the highest value.

Run listings for some of the other hostess brands, including an offer of $390 million flowers food for Wonder Bread, they all value the assets of the company at about 850 million $.

The case is in re: hostess Brands Inc et al, U.S. bankruptcy court, Southern District of New York, no. 12 22052.

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