EGL gets another buyout bid from CEO
Logistics firm considering its second offer in as many months
By Dave Hannon -- Purchasing, 3/1/2007 8:14:00 AM
Logistics firm EGL has received a second buyout offer from its CEO James Crane.
While the new offer is the same amount as the January offer of $36 per share, the new offer comes with the backing of different equity firms—Centerbridge Partners and Woodbridge Co.—as well as that backing some senior executives at EGL.
Crane, who currently owns 18% of EGL stock, said in a statement: “Our proposal would keep our valued key senior management team and employee base intact and enable us to seamlessly continue to provide our customers with the high level of service they have come to expect from EGL.”
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