KLLM Transport Services now has two suitors. A couple of weeks ago New Prime Inc. president and CEO Robert Low said he was interested in buying the Jackson, MS, based truckload carrier and said an offering price of $7.60 a share would be feasible.
Shares early this week were trading at $6.50. Low currently holds a 13.17% equity position in the company.
Recently KLLM chairman William J. Liles III disclosed in an SEC ownership statement that he has a "strong interest" in buying the company and is in the process of developing a proposal. Liles currently has a 17% stake.
KLLM posted a net loss for fiscal 1999 of $792,000 versus net earnings of $1.84 million in 1998. Operating revenue for 1999 was $234.6 million versus $229.0 million the previous year. Operations include long-haul and regional transportation services for both refrigerated and dry commodities.