Grupo Bimbo SAB won an auction to buy bankrupt Hostess Brands Inc.'s Beefsteak bread brand, beating an initial bid by Flowers Foods Inc. with a $31.9 million offer, Bloomberg News reported yesterday. Grupo Bimbo topped Flowers' $30 million opening offer for the rye-bread brand today, Hostess said. No rivals challenged Flowers' $360 million bid for the majority of Hostess’s bread-making business, including its Wonder brand, and an auction planned for today was canceled. Hostess is scheduled to seek bankruptcy court approval to sell the assets to the auction winners at a March 19 hearing.
