Hostess is liquidating the company after it said it could not afford to stay open in the wake of a strike by 18,500 bakers while the company was in its second bankruptcy in recent years.
The company threw in the towel in November, stopping production of Wonder Bread, Ho-Hos, Twinkies, and several other famous products.
The Wall Street Journal reported Saturday that Flowers Foods Inc, the second-largest national bread-maker -- which sells 30,000 loaves of bread a day and produces Tastykake Krimpets and Nature's Own whole wheat bread -- had offered $360 million for Wonder Bread and four other Hostess breads.
The purchase would include 20 plants and 38 shipping depots, the Journal said.
As the staking horse bidder, Flowers would be entitled to compensation should it lose out in an auctions for the assets, which would likely take place in February.
Hostess has said it also has stalking bidders lined up for its various snack products, which means most of its brands would have new owners by the end of February.
The new owners could decide whether to resurrect the brands. Some might choose to buy the brands to take them out of circulation.