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Twinkie lovers can relax: Hostess sale is imminent 

The indestructible Twinkie appears to be one step closer to a comeback. 

Hostess Brands is close to announcing that it has picked two investment firms — C. Dean Metropoulos & Co. and Apollo Global Management — as the lead bidders for its Twinkies and other snack cakes, according to a source close to the situation.  

The so-called stalking horse bid would be for more than $400 million, according to the Wall Street Journal. It would serve as the baseline offer for the business and could be topped by others at an auction.  A judge would have to approve any final sale.  

A deal, part of Hostess's bankruptcy reorganization, is not yet final, said the source, who declined to be identified as the discussions are not public.  

Spokesmen for Metropoulos and Apollo were not immediately available to comment. Hostess declined to comment. 

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After years of management turmoil and turnover, Hostess declared it was going out of business and selling its brands in November. 

Earlier this month, Hostess chose a $390 million offer by Flowers Foods , maker of Tastykake products, as the stalking horse bid for several brands including Wonder bread and Drake's.

 On Monday, Hostess said it chose McKee Foods Corp, maker of Little Debbie snack cakes, as the initial bidder for its Drake's cakes, which include Ring Dings, Yodels and Devil Dogs. It also chose United States Bakery as the lead bidder for four of its smaller bread brands plus bakeries, equipment and depots. 

The Associated Press and Reuters contributed to this report.