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EGL Buyout Offer May Be Too Low, Analyst Says
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EGL Inc. Chief Executive Officer James Crane’s $1.2 billion buyout bid may undervalue the company by as much as 25%, Bloomberg reported Thursday.
Bloomberg cited a report by BB&T Capital Markets analyst John Barnes, who wrote he would “not at all be surprised to see” the offer raised.The offer would enable him to acquire the company near the low end of its trading range over the past year. The company’s stock reached a 12-month high of $53.37 on May 8 and low of $28.66 on Dec. 21, Bloomberg reported.Crane’s newest offer for EGL, released Wednesday, was with different investors following the withdrawal of a previous backer last month. (Click here for previous coverage.)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.
