Hostess Brands, Inc. Enters Into Definitive Agreement to Sell Superior Cake Products, Inc. to Sara Lee Frozen Bakery
Hostess Brands, Inc. - Class A (TWNK)
Last hostess brands, inc. - class a earnings: 2/26 04:05 pm
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Source: Business Wire
KANSAS CITY, Mo.--(BUSINESS WIRE)--Hostess Brands, Inc. (“Hostess” or “Company”) (NASDAQ: TWNK) (NASDAQ: TWNKW) today announced that it has entered into a definitive agreement to sell its Superior Cake Products, Inc. (“Superior”) in-store bakery business to Sara Lee Frozen Bakery for a purchase price of $65 million in cash, subject to post-closing adjustments. The transaction is expected to close during the third quarter, subject to customary closing conditions. The Company expects to use the net proceeds from the transaction to pursue a range of potential strategic options, including reinvesting in its business, de-leveraging its balance sheet and pursuing potential strategic acquisitions, while effectively managing its capital structure.Andy Callahan, President and Chief Executive Officer of Hostess, said, “Superior has been a high performing business and we believe that it will continue to thrive in Sara Lee Frozen Bakery’s portfolio as we focus our future investments on areas
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