YELLOW Gets $1.3B Acquisition Offer For Its Shipment Centers: Report
Portfolio Pulse from Lekha Gupta
Trucking firm Estes Express has proposed a $1.3 billion offer to acquire Yellow Corp's shipment centers. However, Yellow has decided to accept a $142.5 million loan offer from hedge fund Citadel and MFN Partners, its largest shareholder. Citadel also bought Yellow's pre-bankruptcy debt of around $500 million. Yellow recently filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code.
August 18, 2023 | 1:14 pm
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Yellow Corp has rejected a $1.3 billion acquisition offer from Estes Express, opting instead for a $142.5 million loan from Citadel and MFN Partners. This decision could impact investor confidence and the company's stock price.
Yellow Corp's decision to reject a $1.3 billion acquisition offer in favor of a smaller loan could be seen as a negative signal by investors, potentially leading to a decrease in the company's stock price. Additionally, the company's recent bankruptcy filing could further impact investor confidence.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100