Hostess picks lead bidders for Twinkies

Twinkies, the famous snack cakes made by bankrupt Hostess Brands, will be owned by two investment firms unless a higher bid than the $410 million jointly offered by C. Dean Metropoulos & Co. and Apollo Global Management LLC is received at auction, the Washington Post reported.

A judge would have to approve any final sale. Hostess announced in November it was going out of business and selling off its brands, which also include Drake's cakes and Wonder Bread.