Estes Express Lines has made a new offer in a bid for Yellow’s real-estate holdings.
Yellow reported the new offer from Estes in a court filing on Wednesday, September 13th, calling it the best and most attractive offer so far. Yellow had previously been offered $1.3 billion by Estes, which was followed by a $1.5 billion bid from Old Dominion.
“Estes Stalking Horse Bid is an improvement over the Old Dominion Bid because it offers more money for the Acquired Assets and less fees in terms of bid protections,” Yellow said in a court filing. Estes’ offer would also give Yellow the option to sell some terminals individually or in packages if they were offered more on those transactions, reported Wall Street Journal.
“We believe our proposed transaction is mutually beneficial to both Estes and the Yellow bankruptcy estate,” Estes said in a statement.
Reuters reports that Yellow has had 540 prospective buyers approach them, and 307 execute confidentiality agreements to allow them to assess the company’s assets.
An auction for Yellow’s terminals is scheduled for October 18th.