Updated 2:26 p.m.
Hostess is moving ahead with plans to sell its Twinkies and other snack cakes to two investment firms after no other competitive offers were made.
The bankrupt company had earlier picked a joint $410 million offer from Metropoulos & Co. (which also owns the Pabst Blue Ribbon brand) and Apollo Global Management as the lead bid for the cakes. Others were given a chance to make better offers and the CEO of Hostess had predicted the auction would be competitive.
But in a document filed in U.S. bankruptcy court, Hostess Brands said no other qualified offers were submitted by the bid deadline. It said no auction for the cakes will be held as a result.
A hearing to approve the purchase is set for March 19.
CBS Chicago reports that a statement made by Metropoulos & Co. says that the snack cakes will be "back on the shelf by this summer."
Hostess is selling off its brands following the closure of several of its bakeries (including one in St. Louis) and thena final, company-wide shutdown.
A national frenzy and run on stores selling the cakes that came to be known as the "Twinkie panic" ensued during the process.
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