EGL hires Deutsche Bank to evaluate bid |
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Thu, 18 Jan 2007 22:43
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HOUSTON (AFX) - EGL Inc. said Thursday its board has retained Deutsche Bank Securities Inc. as financial adviser to assist in evaluating a proposed management-led takeover bid that values the shipping company at $1.46 billion.Earlier this month, James R. Crane, the company's chairman, chief executive and largest shareholder with about 18 percent of its outstanding stock, offered to take the freight forwarding company private for $36 per share.General Atlantic LLC, a private equity firm, joined Crane in the bid. Other key executives at EGL also offered backing to the deal and Crane said he could raise about $1.13 billion in debt financing from senior lending sources.EGL shares rose 17 cents to close at $37.28 on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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