Liles Withdraws Bid For KLLM
May 22, 2000
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KLLM Transport Services Inc. said Monday that the group headed by its Chief Executive Officer Jack Liles III has withdrawn its bid to acquire the company for $8.25 per share.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.