Hostess Brands, producer of the Twinkies snack cakes, has received preliminary bids of its assets this week.
Media reports have revealed that the US bakery manufacturer, which went into liquidation last month, has around 110 potential bidders interested in the business.
Regarding the sale of the business, Joshua Scherer of Perella Weinberg Partners, an advisor to Hostess, said in court: “Not only are these buyers serious, but they are expecting to spend substantial sums.”
Mexican-based Grupo Bimbo, which, back in July, reported a 43.3% rise in sales year-on-year for its second-quarter financial results, has been marked by analysts as one potential bidder for the business.
Hostess Brands decided to close its doors for business after the company lacked financial resources to cope with nationwide strike action over pay cuts initiated by the Bakery, Confectionery, Tobacco and Grain Millers Union (BCTGM), which represents 5,000 of Hostess Brands’ employees.
The Hostess Brands business, which also owns the Ho Hos cream-filled cakes brand and the Wonder Bread business, has been valued as high a $1bn (£621.49m).