Flowers gains Hostess approval; details awaited
July 8, 2013
by Josh Sosland
WASHINGTON — The Federal Trade Commission on July 8 posted an early termination notification in the Flowers Foods, Inc. acquisition of Hostess Brands, Inc.
While the notification indicates an acquisition of assets from Hostess by Flowers has been approved, it does not indicate which assets.
On Feb. 28, Flowers confirmed that its stalking horse $360 million bid for several Hostess brands, 20 baking plants and 38 depots had been declared the best and highest bid. Since then the bid has been subjected to regulatory review.
Flowers Foods had no immediate comment in response to the early notification issued under the Hart-Scott-Rodino Act.
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 F.T.C. said 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.”