EGL determines CEVA offer better, but says will consider new bid

EGL determines CEVA offer better, but says will consider new bid    EGL said a special committee of its board of directors has determined that the latest acquisition offer received from New York-based Apollo Management and CEVA last week is superior to one it earlier entered into with entities affiliated with James R. Crane, EGL’s largest shareholder, chief executive officer and chairman.
   EGL said the Apollo group’s proposal is to acquire EGL in a merger transaction worth $43 per share in cash, versus the Crane group offer of $38 per share cash.
   The special committee said that while the current merger agreement with the Crane group remains in effect, it has notified the Crane group of its determination and its availability to discuss and negotiate any revised proposal that the Crane group wishes to make through the close of business on May 11.
   At that time the committee would consider whether the terms of the Apollo group proposal remains a superior proposal, and, if so, whether to terminate the merger agreement with the Crane group and enter into an agreement with the Apollo group.