EGL continues to review sale offers
EGL Inc. said Thursday that it has not yet received a revised proposal from a consortium led by Chairman and CEO Jim Crane, the company's largest shareholder after the Apollo Management Fund upped its offer last week to buy the company for $46 per share.
Apollo owns CEVA Logistics and is seeking to combine the freight forwarding capability of Eagle Global Logistics with its existing contract logistics business.
A special committee has determined that the CEVA group's offer is superior and recommended that the EGL board terminate its existing merger agreement with the Crane group in favor of CEVA's bid. The board is considering the CEVA proposal.
EGL said there is no guarantee that the board will terminate the merger agreement with the Crane group and sell the company to the Apollo-CEVA group.
EGL continues to review sale offers
