Think you're looking for (works in bash as well)
logfile2="$(</usr/some/path/text.log)"
From ksh
man page
$(cat file) can be replaced by the equivalent but faster $(<file).
e.g.
> cat text.log
line 1
line 2
> ksh
> logfile2="$(<text.log)"
> echo "$logfile2"
line 1
line 2