NEW YORK — Hostess is moving ahead with plans to sell its Twinkies brand.
The bankrupt company had picked a $410 million joint offer from Metropoulos & Co. and Apollo Global Management as the ‘‘stalking horse’’ bid to set the floor for an auction. But Hostess Brands says the auction won’t be held because no other qualified bids were submitted for the cakes, which include Ding Dongs and Ho Hos.
Metropoulos & Co. chief executive Dean Metropoulos said the company was looking forward to having ‘‘America’s favorite snacks back on the shelf by this summer.’’
Hostess had no comment on the lack of competing bids. Chief executive Greg Rayburn had predicted the process would be ‘‘wild and wooly.’’
Hostess had also canceled an auction for its Wonder and other major bread brands after no competing offers were made. Those breads are being sold to Flowers Foods, based in Thomasville, Ga.
McKee Foods was picked as lead bidder for Drake’s cakes. The deadline to submit competing offers is Tuesday.