Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years. GM shares reached $33.The last Twinkies rolled out of Hostess factories in November. But the iconic brand appears to be making a comeback.
Eleven companies have submitted bids to acquire the Hostess cake brands, which include Twinkies, out of the bankruptcy process, according to court documents filed this month. The number of bidders indicates a robust interest in reviving the snacks.
“Somebody’s going to make Twinkies – that’s not a concern,” a source close to the negotiations said. “The question is who and how.”
A winner could be announced as early as this week, although the process could drag on in bankruptcy court in New York much longer.
Hostess Brands announced Nov. 16 that it would wind down its operations, closing 33 bakeries, 565 distribution centers, about 5,500 delivery routes and 570 bakery outlet stores throughout the U.S. More than 18,000 people lost their jobs.
