CEVA Logistics increases proposal to acquire EGL for $2 billion in cash
published: cw 21, 2007 in Mergers & acquisitionsCEVA Logistics, an Apollo Management VI, L.P. portfolio company, today announced that it has submitted an increased proposal to the Special Committee of the Board of Directors of EGL, Inc. (NASDAQ: EAGL) to acquire EGL for approximately $2 billion, or $47.50 per share, in cash.
The offer represents a $1.50 per share increase over CEVA’s prior offer of $46 per share and was made based on discussions between CEVA and the Special Committee over the weekend.
In addition, CEVA has proposed to the EGL Special Committee revised termination fee provisions, including a reduced break-up fee payable by EGL of $20 million from the current $30 million stated in the Crane group merger agreement. The Crane group has sought a higher break-up fee with each increase in its offer price. CEVA’s revised proposal continues to reflect the superior opportunities that can be provided to the Company’s employees, customers and shareholders.
CEVA’s proposal is subject to a customary merger agreement, which has been submitted to the EGL Special Committee together with CEVA’s offer. The transaction would be subject to regulatory approvals and the affirmative vote of the holders of a majority of EGL’s outstanding shares. The bid is fully financed pursuant to commitments from leading financial institutions. If accepted by the EGL board, CEVA anticipates that the transaction would close in the third quarter.
If the transaction is completed, CEVA intends to retain EGL’s headquarters in Houston and to use EGL’s operations as a complementary base to expand CEVA’s scale and product offerings globally.
Source: CEVA
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