A spokesperson for Hostess Brands, Inc. said that the sale of the company will most likely result in its break-up. Hostess Brands has started a stalking horse process and is planning to name between four and six stalking horse bidders by the middle of January 2013, the spokesperson told just-food. Hostess confirmed it has received "hundreds" of expressions of interest in its iconic brands and assets.

Bimbo Bakeries USA, Inc., unit of Grupo Bimbo, S.A.B. de C.V., has launched a bid to acquire the business in its entirety, according to reports. Hostess refused Just-Food to comment on the specifics of any single bid. The spokesperson said that the most likely outcome of the sale process will see the company broken up and sold off piece-by-piece.

"The most likely scenario is that a number of buyers will each purchase portions of the company. Theoretically, however, it is possible that everything could go to one bidder," the spokesperson said.