EGL Shareholders Approve Buyout
Deal Could Close Thursday
EGL Inc. said late Tuesday that its shareholders approved the company’s proposed $2 billion buyout by Ceva Group, and the deal is expected to close on Thursday.
Ceva, which is owned by private equity firm Apollo Management, will pay $47.50 a share for EGL, whose shares closed Tuesday on the Nasdaq Stock Market at $47.17.
Apollo said in late May that that Ceva will buy the freight forwarder, winning a takeover battle with the company’s founder and chief executive officer, James Crane.
EGL is ranked No. 10 on the 2007 Transport Topics 100 listing of U.S. and Canadian for-hire carriers, while Ceva is ranked No. 27.