Reporting by Anirban Sen and Abigail Summerville in New York; Editing by Chris Reese and Marguerita Choy
World
Exclusive: Twinkies maker Hostess Brands explores sale amid takeover interest, sources say
NEW YORK, Aug 25 (Reuters) – Hostess Brands Inc (TWNK.O), the maker of Twinkies snack cakes, is exploring a sale after fielding takeover interest from major snack food makers, people familiar with the matter said on Friday.
Hostess became an acquisition target after it raised prices on some of its products to boost revenue, fueling investor concerns over its prospects. Prior to the news of the company exploring a sale, its shares were down 1% year-to-date, versus a 29% rise in the Nasdaq Composite Index.
General Mills Inc (GIS.N), Mondelez International Inc (MDLZ.O), PepsiCo Inc (PEP.O) and Hershey Co (HSY.N) are among the companies that have shown an interest in acquiring Hostess, the sources said.
Hostess has hired investment bank Morgan Stanley (MS.N) for advice on handling the deal negotiations, the sources said. No agreement is certain and Hostess may decide against any deal, the sources added.
The sources asked not to be identified because the matter is confidential. Hostess and Hershey declined to comment, while General Mills, Mondelez, PepsiCo and Morgan Stanley did not immediately respond to requests for comment.
Hostess shares rose 26% on the news to $27.89 in Friday afternoon trading in New York, giving the company a market value of close to $4 billion. Hostess also had debt net of cash of about $900 million as of the end of June.
Based in Lenexa, Kansas, Hostess was founded in 1930 and is behind several iconic household brands, including Ho-Hos, Ding Dongs, Zingers, and Voortman cookies and wafers.
The company filed for bankruptcy twice, in 2004 and 2012, due to a combination of private equity owners saddling it with debt and failing to come up with new snacks that appealed to consumers.
Entrepreneur Dean Metropoulos and private equity firm Apollo Global Management Inc (APO.N) returned Hostess to the stock market in 2016 through a deal with a special purpose acquisition company backed by the private equity firm founded by Alec Gores.
By the end of 2020, Hostess had revamped its portfolio and was generating revenue of over $1 billion, an important landmark in its turnaround efforts. It has managed to keep its revenue growing, sometimes by raising prices as sales volumes weakened.
Hostess reported net revenue of $352.4 million in the second quarter, up 3.5% year-on-year. Gross profit increased 11.8% to $126.0 million.
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World
Trump seeks records about evidence handling in latest bid to delay documents case
World
Temporary floating pier for Gaza aid completed, will move into position once weather lets up: Pentagon
Both sections of the temporary floating pier intended to be placed off the coast of Gaza Strip for the delivery of humanitarian aid have been completed, though weather and sea conditions are preventing delivery of the parts to the embattled region, Pentagon officials tell Fox News.
Pentagon Deputy Press Secretary Sabrina Singh said during a press briefing on Tuesday that the U.S. Military completed the offshore construction of the Trident Pier section, or the causeway, which is the component that will eventually be anchored to the Gaza shore.
The second element of the project, the floating pier section, has also been completed.
“So, as of today, the construction of the two portions of the JLOTS [Joint Logistics Over-the-Shore], the floating pier and the Trident pier are complete and awaiting final movement offshore,” Singh said. “As you know, late last week, CENTCOM [U.S. Central Command] temporarily paused moving the floating pier and Trident pier toward the vicinity of Gaza due to sea state conditions. Today, there are still forecasted high winds and high sea swells, which are causing unsafe conditions for the JLOTS [Joint Logistics Over-The-Shore] components to be moved.”
MORE AID IS SUPPOSED TO BE ENTERING THE GAZA STRIP. WHY ISN’T IT HELPING?
The components are still sitting at the Port of Ashdod, and CENTCOM “stands by” to relocate the pier sections to Gaza, Singh added.
Once off the coast of Gaza, the U.S. military and USAID will work together to deliver humanitarian assistance using military support vessels and trucks.
Singh could not provide an exact date for when the pier would be maneuvered into place, mainly because of the weather and security conditions.
“As CENTCOM stands by to move the pier into position in the near future, and again, in partnership with USAID, we’re loading humanitarian aid onto the MV Sagamore, which is currently in Cyprus,” she said. “The Sagamore is a cargo vessel that will use the JLOTS system and will make trips between Cyprus and the offshore floating pier, as USAID and other partners collect aid from around the world.”
GROWING CONTROVERSY OVER BIDEN’S GAZA PIER FUELS CONCERNS OVER COST, SECURITY
The unloading of the aid will be, as she called it, a “crawl, walk, run scenario.”
Once fully operational, 150 trucks will be available to move aid into Gaza. At first, though, a small number of trucks will be used to make sure the distribution system works.
BIDEN’S VISION FOR A PALESTINIAN STATE DOOMED, EXPERTS SAY: ‘AN EXPLICIT RECOGNITION OF HAMAS’
Last week, U.S. Central Command posted photographs on X of the pier under construction by U.S. soldiers in the Mediterranean Sea, saying that the hulking metal platform “will support USAID and other humanitarian partners who will receive and deliver humanitarian aid to the people of Gaza.”
The Pentagon has said the estimated cost would nearly double the original estimate of $180 million. It also said the project will only be in use temporarily, for a period of three months.
The pier will be able to process up to two million meals a day for the people in Gaza, U.S. Central Command said.
Ruth Marks Eglash of Fox News contributed to this report.
World
‘Bleak milestone’: UN says 3 million forced to flee in Myanmar conflict
United Nations says the number displaced has jumped by 50 percent in last six months as fighting has intensified.
The number of people in Myanmar forced from their homes by conflict now exceeds more than 3 million in what the United Nations has described as a “bleak milestone” for the country.
The UN said the number displaced had surged by 50 percent in the last six months as fighting escalated between the military and armed groups trying to remove the generals who seized power in a coup in February 2021.
“Myanmar has this week marked a bleak milestone with more than 3 million civilians now displaced nationwide amid intensifying conflict,” the office of the UN Resident and Humanitarian Coordinator for Myanmar said in a statement on Monday.
“Myanmar stands at the precipice in 2024 with a deepening humanitarian crisis that has spiraled since the military takeover in February 2021 and the consequent conflicts in many parts of the country, driving record numbers of people to abandon their homes seeking safety.”
Of the 3 million internally displaced people, more than 90 percent fled as a result of the conflict triggered by the coup, the UN added.
About half of the displaced are in the northwestern regions of Chin, Magway and Sagaing, with more than 900,000 in the southeast. About 356,000 people live in the western state of Rakhine where a brutal military crackdown in 2017 prompted more than 750,000 mostly Muslim Rohingya to flee into neighbouring Bangladesh.
Myanmar was plunged into crisis when Senior General Min Aung Hlaing seized power from the elected government of Aung San Suu Kyi, which led to mass protests that evolved into an armed uprising when the military responded with brutal force.
Fighting has intensified since the end of October last year when ethnic armed groups allied with anti-coup fighters launched a major offensive in northern Shan and western Rakhine states overrunning dozens of military outposts and taking control of several key towns near the border with China.
In recent weeks, the military has also been battling with ethnic Karen groups for control of Myawaddy, a major trade hub on the border with Thailand.
The UN said the deepening conflict meant that some 18.6 million people in Myanmar were now in need of humanitarian assistance, 1 million more than in 2023.
But it said efforts to reach those in need were being hampered by “gross underfunding”. It said it had so far received less than 5 percent of the funds it needed for humanitarian operations.
“With cyclone season fast approaching, additional resources are needed now to protect the most vulnerable and save lives,” the statement said.
Last year, UN human rights chief Volker Turk accused the military of preventing life-saving humanitarian aid from reaching people in need by creating a web of legal, bureaucratic and financial hurdles.
The generals, who have been accused of launching air attacks on civilians and burning villages to the ground, have ignored a five-point peace plan that it agreed to with fellow members of the Association of Southeast Asian Nations (ASEAN) in April 2021, under which it was supposed to end the violence.
Nearly 5,000 people have been killed by the military since the coup, according to the Assistance Association for Political Prisoners, which has been tracking the situation. More than 20,000 people are in detention, while Aung San Suu Kyi is serving a combined 27-year sentence after a secret trial in a military court.
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