The Eagle Has Landed: EGL Inc. Being Bought Out By CEO

EGL Inc.'s CEO, Chairman and largest shareholder got consent to take his company private for $1.7 billion. James Crane is leading a group including Centerbridge Partners L.P. and Woodbridge Co. to buy the logistics and freight forwarder for $38-a-share, all cash. After Crane's initial offer of $36 a share was rebuffed, he upped his offer price to $38 to seal the deal. EGL Inc. shares have risen 28% since Crane made his initial offer. Apollo Management LP, which had also made an offer for EGL, said its superior offer of $40-a-share, remains on the table. Crane will continue in his role as CEO after the merger. EGL shares rose $2.20, or 6.29%, to $37.16 in trading yesterday; it rose an additional 1.7% after hours to $37.80.

Sources: Press Release, Bloomberg, MarketWatch, Briefing.com
Commentary: Seeking Alpha M&A page
Stocks/ETFs to watch: EGL, Inc. (EAGL). Competitors: Expeditors International of Washington (EXPD)

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