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.