McKee Foods is moving forward with a bid to buy Drake's cakes from Hostess, according to a filing in bankruptcy court today.
Hostess named Collegedale-based McKee's $27.5 million bid as the only qualified bid and canceled an auction scheduled for Friday morning to sell the brand, which includes Devil Dogs, Funny Bones and Yodels.
If the transaction is approved in court on April 9, it will be one of the largest acquisitions McKee has ever made, company spokesman Mike Gloekler said. He added that the company plans to put the products back on the shelves.
"And not just put them back on the shelves, but we plan to keep them true to the way they were using the formula that's part of the intellectual property that's part of the sale," he said.
For complete details, read tomorrow's Times Free Press.