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The Associated Press reports this morning that bankrupt Hostess Brands is preparing to announce that two investment firms, C. Dean Metropoulos & Co. and Apollo Global Management, are the lead, "stalking horse" bidders for its iconic Twinkie brand as well as other cake products.

The opening bid for Twinkies - expected to be in excess of $400 million - will serve as the floor against all other bids for the business will be measured.
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