By Lisa Kerner
Charlotte, N.C., March 1 - EGL, Inc. chairman and chief executive officer Jim Crane and senior management, along with investment firms Centerbridge Partners, LP and The Woodbridge Co. Ltd., submitted a proposal to acquire all of the outstanding common stock of EGL for $36.00 per share in cash.
The offer was made to the company's special committee of the board of directors and is comparable to Crane's Jan. 2 offer to acquire EGL for $35.00 per share, according to a schedule 13D filing with the Securities and Exchange Commission.
Crane, who owns 18% of EGL's outstanding stock, would make a "significant equity investment" and continue as chairman and CEO after the transaction is completed, according to a company news release.
Debt financing of $1.175 billion has been committed to fund the transaction from Merrill Lynch, Pierce, Fenner & Smith Inc. and Woodbridge.
Houston-based EGL is a global transportation, supply chain management and information services company.
| Target: | EGL, Inc.
|
| Acquirer: | EGL management, Centerbridge Partners, LP and The Woodbridge Co. Ltd.
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| Payment per share: | $36.00
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| Announcement date: | March 1
|
| Expected closing: | To be determined
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| Stock price for target: | Nasdaq: EAGL; $35.74 on March 1
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