Old Dominion Freight Line, which has less than a truckload, has entered into a $1.5 billion bid for Yellow Corp.’s terminals. The new show Bid price exceeds $1.3 billion from LTL peer Estes Express Lines, which was revealed in Thursday’s status update.

The 166-station portfolio offering is a stalking horse purchase agreement, in which the bidder sets a minimum value of the assets to be sold from the bankruptcy estate. The properties will still be subject to a marketing and sales process in which higher bids from third parties can be accepted.

The terms provide for a maximum breakup fee of $26 million and up to $2 million in reimbursement of expenses. Old Dominion (NASDAQ: ODFL) requires a 5% deposit. The bid will remain valid for 180 days.

Thursday’s court action also identified the bankruptcy financing lenders.

Hedge funds Citadel and MFN Partners will provide $142.5 million in debtor-in-possession (DIP) financing, which will give the Yellow estate the funds to liquidate the assets. The transaction also includes an additional deferred drawing commitment from MFN of up to $70 million.

MFN acquired 42.5% of the shares in Yellow prior to its offering close.

castle recently Buy a Yellow loan for a term from Apollo Global Management (NYSE: APO) after submitting superior DIP financing offers following Yellow’s Aug. 7 filing for bankruptcy. The Apollo DIP deal was said to be the only viable offer made to Yellow prior to the Chapter 11 petition.

A representative from Old Dominion could not immediately be reached for comment.

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