EGL accepts buyout bid from CEO

Logistics firm will be sold for $1.7 billion

By Dave Hannon -- Purchasing, 3/19/2007 8:20:00 AM

Logistics firm EGL (Eagle Global Logistics) has accepted a buyout offer from its CEO James Crane for $38 per share or $1.7 billion.

Crane’s first offer to take the firm private in January of $36 per share was turned down. Crane in February put in a second offer for the same amount but with different backer. The statement on the current deal does not indicate what happened to the second $36 per share offer, only that the company accepted a $38 per share offer today.

The statement says that Crane, who will continue as Chairman and CEO of the Houston-based firm following the close of the transaction, will reinvest all of his shares and has entered into a voting agreement whereby he has agreed to vote his shares in favor of the merger.

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