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May 3, 2007 3:30 PM, EDT

Ceva Makes Offer for EGL

EGL Inc.

EGL Inc. said Thursday it has received an offer from Ceva Group to acquire stock of the Houston-based freight forwarder for $43 a share.

Ceva is the former TNT Logistics business that was acquired by private-equity firm Apollo Management Group last year.

The offer tops a $38-a-share deal from EGL Chairman and largest stockholder James Crane and two private equity funds, including Apollo, which made its own $41 per-share bid in late March.

EGL said a special committee will evaluate the new offer.