The bid will be presented for a review and approval by the court overseeing Hostess's bankruptcy case; the deal will then continue through the regulatory process before it can be finalised.
According to Flowers Foods, once the latest acquisition is complete, it will be in line with its long-term growth objective to reach more of the US population with its fresh bakery products.
Following Hostess Brands' exit from the market in November 2012 and sale initiation of its assets, Flowers Foods announced two agreements with Hostess to be the stalking horse bidder for certain Hostess bread bakeries and brands in January 2013.
Under the agreement, Flowers will pay $360m to acquire the Wonder, Butternut, Home Pride, Merita and Nature's Pride brands, in addition to 20 bakeries and 38 depots. However, Flowers's $30m bid for Hostess's Beefsteak brand was defeated by another bidder.
Following the latest acquisition deal with Flowers Foods, Hostess will continue to negotiate with potential buyers interested in purchasing its snack cake business and remaining bread brands.
Hostess Brands has been affected by increasing debts, soaring labour costs and the changing tastes of consumers; it filed for bankruptcy in January 2012 for the second time in its history, declaring assets of $982m and debt of $1.43bn.
In November 2012, Hostess received approval from the US Bankruptcy Court in New York to close its business and sell its assets.
Headquartered in Georgia, Flowers Foods is a producer of packaged bakery foods for retail and foodservice customers in the US, with 2012 sales of $3.05bn.
