Hostess Brands Inc. Chief Executive Officer Greg Rayburn said Flowers Foods Inc.'s bid to buy most of the bankrupt baking company's bread brands is going through U.S. Justice Department review, Bloomberg News reported yesterday. Hostess is working closely with the department to clear "hurdles," Rayburn said yesterday. Flowers, based in Thomasville, Ga., made the only qualified offer for Hostess’s Wonder, Butternut, Home Pride, Merita and Nature’s Pride brands, as well as 20 bread plants, 38 depots and other assets. Hostess, based in Irving, Texas, declared the $360 million bid the highest and best, eliminating the need for the scheduled Feb. 28 auction. A March 19 hearing has been set in bankruptcy court for review and approval of the purchase. The deal is also subject to regulatory approvals, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and closing conditions, Flowers said in a Feb. 28 regulatory filing.
