McKee's is ‘stalking horse bidder’ for Drake's snack cake brand
Wednesday, January 30, 2013
COLLEGEDALE, Tenn. — Hostess Brands, Inc., announced Monday that it has selected McKee Foods Corporation as the stalking horse bidder for its Drake’s snack cake brand and certain equipment. As stalking horse bidder, McKee Foods sets the bar for bidding in a future auction process to be set by the bankruptcy court. Other interested parties will be able to bid at that time, but their bids would have to exceed the one made by McKee Foods. Under the stalking horse agreement, McKee Foods Corporation has agreed to pay $27.5 million for the Drake’s brand and specific equipment.
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News, Pages 3 on 01/30/2013