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Article updated: 1/31/2013 7:17 AM

Hostess picks lead bidders for Twinkies

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Hostess has picked a lead bidder for its famous Twinkies.

Associated Press

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Hostess has picked a lead bidder for its famous Twinkies.The bankrupt company said late Wednesday that it has selected a joint offer from two investment firms — C. Dean Metropoulos & Co. and Apollo Global Management LLC — as the lead bid for its Twinkies and other snack cakes. Hostess, says the two are offering to pay $410 million for the snack-cake business and five bakeries. The "stalking horse" bid would set the floor for an auction process that lets competitors make better offers. A judge would have to approve any final sale.