Old Dominion Freight Line Bids $1.5 Billion for Yellow Terminals

Trucking company Old Dominion Freight Line Inc. has offered $1.5 billion to acquire Yellow Corp.’s portfolio of terminals out of bankruptcy, more than a previous offer from Estes Express Lines.

The offer, disclosed in papers filed Friday in Delaware bankruptcy court, exceeds the $1.3 billion proposed stalking-horse bid Estes Express announced earlier this week. 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.

Lawyers for Yellow and Estes Express Lines didn’t immediately return messages seeking comment. Petition, a publication covering corporate distress and ...