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.