Yellow gets new $1.53 billion stalking horse bid from Estes

By Sarah Lizee

Olympia, Wash., Sept. 14 – Yellow Corp. said it has received a new $1.53 billion stalking horse bid for its terminals from rival Estes Express Lines, according to court documents filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company originally received a $1.2 billion stalking horse bid from Estes for all of its truck terminals.

Soon after that, Old Dominion Freight Line, Inc. submitted an offer to purchase the assets for $1.5 billion.

Estes then offered to purchase the assets for $1.53 billion. The company said this bid is an improvement from Old Dominion’s, as it offers more money for the assets and less fees in terms of bid protections, which total $9.1 million under Estes’ new offer.

The deal is subject to higher or better offers through court-approved bid procedures.

Competing bids may be for all the assets, packages of the assets or single assets.

An auction is scheduled for Oct. 18.

Yellow is a provider of regional, national and international shipping services based in Nashville. The company filed bankruptcy on Aug. 6 under Chapter 11 case number 23-11069.

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