Transportation Industry
EGL Advised to Accept Bid From Ceva for $1.95 Billion
Transport Topics, May, 2007 by Reddy, Tarun
Freight forwarder EGL Inc. should accept a $1.95 billion takeover bid from an affiliate of Apollo Management because it is better than a previous offer from an investor group led by company founder Tames Crane, a special committee formed by the company's board said May 17.
The committee said in a statement that it made the recommendation after Crane's group allowed a May 16 deadline to pass without countering a $46-a-share bid from Ceva Group PLC, an Apollo affiliate.
EGL said Ceva last week increased its offer from a May 3 bid of $1.8 billion for the company, based on a share price of $43.
"The special committee has determined that the Ceva Group proposal is superior and has recommended that the board of directors terminate the merger agreement with the Crane...
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