In early April, Low, who already owns 13.7% of KLLM, offered $7.75 per share or $32.9 million. Lilies and Ebbers countered with $8.25 a share or $35 million. The stock has been trading at about $8.31 but one analyst sets the book value at $12.38.
The bids have gone up but amounts are now being kept secret since it's an "ongoing process," the panel explained.
KLLM, based in Jackson, MS, is a nationwide refrigerated carrier with over 2,000 workers nationwide.
New Prime has more than 3,100 refrigerated, flatbed and tanker trailers. It employs nearly 3,350 workers.