Flowers expects to complete Hostess acquisition in next few weeks
July 9, 2013
by Eric Schroeder
THOMASVILLE, GA. — Flowers Foods, Inc. on July 8 confirmed that it has received regulatory approval pursuant to the Hart-Scott-Rodino Act to acquire the Wonder, Nature’s Pride, Merita, Home Pride and Butternut bread brands; 20 bakeries; and 36 depots from Old HB, Inc., formerly known as Hostess Brands. Flowers said it expects to complete the transaction in the coming weeks.
Flowers in February announced its agreement to purchase the assets from Old HB, Inc. for $360 million, which was declared the best and highest bid for such assets. In March, the court overseeing the Old HB, Inc. bankruptcy proceeding approved the sale.
Early notification may be granted both immediately after an acquisition agreement is reached and after the federal government makes a “second request” for further information.
“Any person filing an H.S.R. form may request that the waiting period be terminated before the statutory period expires,” the Federal Trade Commission said in explaining early termination notifications. “Such a request for ‘early termination’ will be granted only after compliance with the rules and if both the Federal Trade Commission and Department of Justice Antitrust Division have completed their review and determined not to take any enforcement action during the waiting period. In some instances, after a Request for Additional Information and Documentary Material has been issued, the investigating agency will determine that no further action is necessary and terminate the waiting period before full compliance with the second request is made. Because the F.T.C. administers the H.S.R. Program, all early terminations, regardless of which agency reviews a transaction, are listed here.”