date:Jan 16, 2013
ns.
In signing the purchase agreement as the stalking horse bidder, Flowers has agreed to a good faith deposit of 5% of the $360 million purchase price. In the event a competing company outbids Flowers at a proposed Feb. 28 auction, Flowers would be entitled to a breakup fee of $12.6 million (i.e., 3.5% of the $360 million initial cash consideration), according to the purchase agreement.
Hostess said it has sought approval from the U.S. Bankruptcy Court for the Southern District of New York fo