Tagged: Hostess

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.

Wonder Bread is one step closer to getting a new owner.

A person familiar with the situation who requested anonymity because the auction process is private says there will be no competing offers Thursday to a bid by Flowers Foods to buy several bread brands from Hostess.

The $360 million bid by Flowers also includes Nature's Pride, Butternut, Home Pride and Merita breads. An auction will still be held for a separate $30 million bid by Flowers for Beefsteak. Any sales require approval by a bankruptcy court.

The announcement from Hostess that it would be shutting down three of its bakeries (St. Louis, Seattle and Cincinnati) and then, shutting down as a company entirely, evoked a "Twinkie panic."