Charlotte / NC. (prn) A Delaware U.S. Bankruptcy Court has approved Lance Inc. to set the opening bid for the assets of two snack food companies. Charlotte-based Lance has placed a bid of 30 million USD for the combined assets of Archway Cookies LLC (Ashland | OH) and Mother´s Cake and Cookie Co. (Battle Creek | MG). The position Lance is taking makes it the «stalking horse» in the auction. In a bankruptcy auction this tactic is used by bankrupt companies to prevent other bidders from making low-ball bids. Under the court-approved auction procedures, Lance could lose the auction to a higher bidder. Any competing bids must be submitted by the last week of November. In the event competing bids are received, an auction will be held during the first week of December. This would be followed by the bankruptcy court conducting a hearing for final approval of the sale. If Lance wins the auction, the company plans to use available liquidity under its current credit facilities to fund the acquisition. Archway Cookies LLC was founded in the 1930s and is one of the United States´ top producers of branded cookies. Its brands are found in grocery stores and mass merchants throughout many parts of the USA. The company operates one bakery in Ohio. Mother´s Cake and Cookie Co. owns a number of additional cookie brands – primarily sold throughout the western United States (source).
OTHER TOPICS FROM THIS SECTION FOR YOU:
- Orkla ASA: reports strong profit improvement in Q2-2024
- Cloetta AB: announces Q2-2024 interim report
- Axfood AB: Reports Q2-2024 Financial Results
- Chef Robotics: Launches AI-Powered Food Robot
- Conagra Brands: Reports Fourth Quarter 2024 Results
- Limerston Capital sells Village Bakery to Groupe Menissez
- GrubMarket: Buys Major Foodservice Company in Texas
- Lantmännen acquires Entrack AB
- DPC Dash: Concludes H1-2024 with Sustained Expansion
- Norway: Orkla Food Ingredients acquires FDE
- Fondo Italiano d’Investimento co-invests in Casa della Piada
- Greggs: invests in a new frozen manufacturing and logistics site
- Bundeskartellamt imposes fine against «Fritz!» manufacturer AVM
- Yum China: Celebrates Opening of its 200th KCoffee Store
- Beijing intends to roll out 5’400 food production robots
- K-Citymarket: sees significant sales growth in Finland
- DPC Dash: reaches 900-store milestone in China
- Coffee Holding: Terminates Merger with Delta Corp Holdings
- Perkins Restaurant + Bakery: introduces new brand identity
- Engelmans Bakery: acquires St. Armands Baking Company