Ceva Boosts EGL Offer to $2 Billion
Ceva Logistics said Monday it has made a new offer to buy EGL Inc., raising its per-share offer to $47.50 a share, or about $2 billion total.
Ceva has been in a bidding war with a rival group of investors led by EGL Chief Executive Officer James Crane.
Last week, EGL said Cevas previous offer of $46 was superior to the Crane groups previous $45 offer.
If the transaction is completed, Ceva said it intends to retain EGLs headquarters in Houston and to use EGLs operations as a complementary base to expand CEVAs scale and product offerings globally.
Ceva, the former TNT Logistics, is owned by private-equity firm Apollo Management.
EGL, which operates under the name Eagle Global Logistics, is ranked No. 11 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.