KLLM Purchase Looks Like Done Deal
June 26, 2000
KLLM's President and CEO and his partner have extended their offer to buy KLLM Transport Services through July 6, but the deal appears to be a sure thing and has gained regulatory approval from the Federal Trade Commission.
According to the Associated Press, the Mississippi-based refrigerated trucking company agreed May 26 to be acquired by High Road Acquisition Subsidiary Corp., a subsidiary of High Road Acquisition Corp., for $8.05 per share, or $33 million. High Road Acquisition is made up of WorldCom Inc.'s Bernie Ebbers and KLLM's president and CEO Jack Liles.
High Road’s deal beat an offer of $7.75 per share, or $31.8 million, by KLLM stockholder Robert Low, of Springfield, Mo, who withdrew from bidding earlier this month. Low holds 13.7 percent of KLLM’s shares and owns Springfield, Mo.-based Prime Inc., one of KLLM’s competitors.
Pending the completion of the deal, KLLM will become a wholly owned subsidiary of privately held High Road, reports the AP.