Hurst Capital, a fledgling private-equity firm run by 26-year-old twins, also vied for Hostess's cake brands, but appears to have fallen short of securing the stalking horse bid.

WSJ: Hostess Nears Twinkie Deal: Apollo-Metropoulos Team Near Pact to Buy Hostess Twinkies, Other Cakes

The so-called stalking horse bid could be topped by other suitors at the auction, in which case Apollo and Metropoulos would likely be entitled to what's known as a breakup fee.

WSJ: Hostess Nears Twinkie Deal: Apollo-Metropoulos Team Near Pact to Buy Hostess Twinkies, Other Cakes