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January 3, 2007 1:45 PM, EST
EGL’s CEO Offers to Take Company Private in $1.2 Bln. Buyout
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Transportation and logistics firm EGL Inc.’s Chief Executive Officer James Crane and an investment firm offered to take the company private in a $1.2 billion buyout, the company said.Crane, EGL’s founder and largest shareholder with an 18% stake, and General Atlantic LLC will pay $36 a share for the rest of the company’s stock, EGL said in a statement Tuesday.EGL’s board will create a separate committee to study the offer, a 21% premium over its $29.78 closing stock price on Dec. 29.In November, the company reported third-quarter net income of $19.5 million or 48 cents a share, up from $19.2 million or 40 cents a year earlier, while revenue rose to $265.5 million from $246.9 million in 2005.For all of 2005, the company reported $3.1 billion in revenue.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.