Fleet Management

Liles Withdraws Bid For KLLM

May 22, 2000

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Refrigerated carrier KLLM Transport Services Inc. said Monday that the group headed by its Chief Executive Officer Jack Liles III has withdrawn its bid to acquire the company for $8.25 per share.

On May 8, the group led by Liles countered an April 12 bid by Robert Low, a KLLM shareholder, to acquire all outstanding shares for $7.75 per share.
The Jackson, MI.-based company has more than 4.25 million shares outstanding, according to its fourth quarter earnings statement.
The company said it will continue to pursue a deal with Low Acquisition Corp., which it said could be supported by its board of directors, or that it would seek other alternatives for enhancing the value of the company.

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