Bidding Continues For KLLM
May 09, 2000
The battle over ownership of KLLM Transport Services continues as a special committee reviews the latest takeover offers. Details are confidential but the panel, including a KLLM board member and three from outside the company, is looking at revised offers from New Prime Inc. owner Robert Low and from KLLM chairman, president and CEO Jack Lilies III and his partner, WorldCom chief Bernie Ebbers.
In early April, Low, who already owns 13.7% of KLLM, offered $7.75 per share or $32.9 million. Lilies and Ebbers countered with $8.25 a share or $35 million. The stock has been trading at about $8.31 but one analyst sets the book value at $12.38.
The bids have gone up but amounts are now being kept secret since it's an "ongoing process," the panel explained.
KLLM, based in Jackson, MS, is a nationwide refrigerated carrier with over 2,000 workers nationwide.
New Prime has more than 3,100 refrigerated, flatbed and tanker trailers. It employs nearly 3,350 workers.