The bidding war for Yellow Corp.’s highly sought-after truck terminals has ended with Estes Express Lines’ stalking horse offer winning big.
Estes’ $1.525B bid, offered last week, bested Old Dominion Freight Line’s $1.5B offer. The news came in a Thursday order filed by the U.S. Bankruptcy Court for the District of Delaware, FreightWaves reported. The court also approved Estes’ bid protections, including a $7.5M breakup fee and up to $1.6M in expense reimbursement.
“We are pleased to announce that we have been formally approved by the court as the real estate stalking horse bidder,” an Estes representative told FreightWaves. “We continue to believe our transaction is…