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.