Low Extends KLLM Tender Offer, Drops Efforts to Replace Board
May 2, 2000
Low Acquisition, a company owned by New Prime President Robert Low, has extended its tender offer for outstanding shares of KLLM Transport Services common stock to May 30, 2000. The offer was to have expired on May 9.
Low also announced that, in light of his participation in a bidding process established by the KLLM Board of directors, he will not pursue a proposed consent solicitation. If successful, the solicitation would have removed the KLLM board and replaced it with four new members, including Low.
Low, who already owns 13.7% of the KLLM stock, began the buyout last month at $7.75 a share. As of May 1, shares were trading at $8-1/8.
KLLM Chairman Jack Lilies and MCI Worldcomp top executive Bernard Ebbers have submitted a separate proposal offering $8.25 per share.