High Road Closes Deal on KLLM
July 20, 2000
With 3.2 million shares of KLLM Transport in hand, High Road Acquisition Corp. is now in a position to take the newly acquired trucking company private.
The corporation, owned by Jack Liles, chief executive officer of KLLM, and Bernard Ebbers, CEO of WorldCom Inc., completed its tender offer valued at $26.5 million for the Richland, Va.-based company last week.
High Road offered $8.05 per share for each of KLLM's outstanding 4.2 million shares, or $33 million.
KLLM's board agreed to the deal after Robert Low, owner of Springfield, Mo.-based trucking company Prime Inc., withdrew his offer of $7.75 per share.
High Road now owns 97 percent of KLLM stock, combining the newly-acquired 3.2 million share and Liles' 689,123 shares.