Yellow | Estes’ $1.525B stalking horse bid for Yellow’s terminals wins out

Is Estes going to sell those terminals? That gives them 3 in Denver?
they actually didn't get any terminals yet, bidders can bid on individual terminals- if their bid is better than what Estes bid than they they will get the terminal. If everyone's bids are lower than Estes gets all of them. Estes gets a $7.5 million break up if if they don't get them all. They some terminals should sell 2 or 3 times their estimates. All supposed to be done by 11/9/23
 
Is Estes going to sell those terminals? That gives them 3 in Denver?
There is no assurance they're going to get those terminals. A "stalking-horse" bid is basically the reserve. If they are outbid, then the high bidder takes it, although there are some complications here. First, Yellow can ask the court to let them accept an alternate bid. The reason for that would be if it would be more cocst-effective to let Estes have it for a little bit less, and thus avoid a "break-up" fee. Also, Estes only owns the former Yellow terminal. The other two are leased. The leaseholds are also for sale, but that means assuming the lease terms. What is interesting there is that some of the leased terminals are owned by Estes anyway, so they would simply cancel their lease to themselves.
 
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