KLLM Takeover Bid From Low Runs Out

June 21, 2000 10:30 AM, EDT

Robert E. Low has allowed his takeover attempt of KLLM Transport Services to expire unfulfilled, clearing the path for the current chairman of the refrigerated carrier to solidify his hold on the company.

Low, president of Prime Inc. in Springfield, Mo., started his takeover attempt with a tender offering of $7.75 a share for at least a majority interest in the company in April. He was quickly challenged by KLLM Chairman William “Jack” Liles III, who offered $8.25 a share with the help of Bernard J. Ebbers, president of MCI-WorldCom.

KLLM has headquarters in Richland, Miss., just outside of Jackson, where MCI-WorldCom keeps its corporate offices.

In a filing with the Securities and Exchange Commission, Low said the tender offer issued through his Low Acquisition Inc. expired June 9 and that he would not seek to extend it.

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