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Trucking company Old Dominion Freight Line Inc (NASDAQ:ODFL) has offered $1.5 billion to acquire Yellow Corp’s (NASDAQ:YELL) 169 terminals out of bankruptcy.
The offer price represents more than a previous offer from Estes Express Lines of $1.3 billion.
The offer, disclosed in papers filed August 18 in Delaware bankruptcy court, exceeds the $1.3 billion proposed stalking horse bid, Estes.
Old Dominion’s offer is also a stalking horse bid, which would set the floor price for Yellow’s terminals at a future Chapter 11 auction.
The properties will still undergo a marketing and sale process in which higher offers from other parties may be accepted.
The competing offers for Yellow’s terminals come after the company secured a new, less expensive bankruptcy loan to fund its liquidation.
The court proceeding also named bankruptcy financing lenders.
Citadel Credit Master Fund and hedge fund MFN Partners LP, Yellow’s largest shareholder, offered to provide $142.5 million to fund Yellow’s liquidation.
Citadel recently bought Yellow’s term loan from Apollo Global Management (NYSE: APO) after superior DIP financing offers came forward following Yellow’s August 7 bankruptcy filing.
Apollo’s DIP deal was said to be the only viable offer provided to Yellow before the Chapter 11 petition.
Price Action: ODFL shares are up 3.46% at $407.11 on the last check Monday.
