After multiple bankruptcies over the past 20, Hostess — maker of snacks like Ding Dongs, Donettes and the iconic Twinkie — is now being purchased by The J.M. Smucker Company, also known as Smucker's, for $5.6 billion.
The company reportedly beat out PepsiCo, Monedelez and General Mills for the purchase, according to Alina Selyukh of NPR. Hostess initially declared bankruptcy in 2004 before filing again in 2012. Back in 2016, Hostess passed between various investment firms and went public "via a merger with a special purpose acquisition company," as reported by J. Edward Moreno in The New York Times.
