EGL accepts $1.7-billion buyout offer from group
From Dow Jones Newswires
EGL Inc., a Houston-based shipping company, said it agreed to be acquired by Chief Executive James R. Crane and two private-equity firms in a deal valued at about $1.7 billion.
EGL shareholders will receive $38 a share from the group that includes Centerbridge Partners and Woodbridge Co., representing a premium of about 9% over Friday’s closing price of $34.96. The purchase price is a premium of about 28% over $29.78, EGL’s closing price Dec. 29, the last trading day before an initial proposal was made to take the company private.