Hostess Brands will sell its Drakes cakes business to the owner of Little Debbie, canceling a planned Friday auction when it failed to receive a second bid, USA Today reports.
The Drakes cakes line, which includes Devil Dogs, Yankee Doodles and Yodels, will sell to McKee Foods. McKee put forth a qualifying offer of $27.5 million for the operation, but no other bidders stepped forward.
Hostess ...
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