EGL gets $40-per-share bid from Apollo |
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Wed, 21 Mar 2007 12:34
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HOUSTON (AP) - Freight forwarder and logistics provider EGL Inc. has received a $40-per-share acquisition offer from Apollo Management LP, topping a bid by EGL Chief Executive Jim Crane and two investment firms.The Crane-led group originally offered $36 per share in cash for the company, but sweetened the purchase price to $38 per share, or $1.7 billion, late Monday. That represented a premium of about 9 percent over the stock's closing price Friday of $34.96.Apollo's offer represents a 14.4 percent premium to EGL's closing stock price Friday, and a 4 percent premium to its closing price Tuesday of $38.61 on the Nasdaq Stock Market.The company said Tuesday evening it has informed a Crane affiliate of Apollo's going-private proposal. The new offer is subject to certain conditions, including expedited due diligence.Crane's offer was made with investment companies Centerbridge Partners LP and Woodbridge Co., as well as members of senior management. Crane currently owns about 18 percent of the company's outstanding shares.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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