Trucking executive Robert Low said yesterday that he will not extend his offer for all outstanding KLLM Transport Services shares.
This action is in response to the company’s definitive agreement to be acquired by a group headed by Jack Liles, KLLM CEO.
"At this time, I do not intend to raise my final offer," Low said in a press release. However, he said if the transaction between KLLM and the Liles group isn’t completed, he would consider renewing a tender offer for the Jackson, Miss.-based refrigerated carrier.
Out of 4.2 million outstanding shares, there were 61,059 KLLM common shares tendered in response to Low’s offer of $7.75 per share. His offer expired Friday.
Low holds 13.7 percent of KLLM’s shares and owns Springfield, Mo.-based Prime Inc., one of KLLM’s competitors.
Late last month, KLLM accepted an offer of $8.05 per share from Liles’ group, which includes WorldCom chief executive Bernard Ebbers.