HOUSTON, Jan. 2 /PRNewswire/ -- Jim Crane, the Chairman and CEO of EGL,
Inc. (Nasdaq: EAGL), today announced that he, together with investment
partner General Atlantic LLC, a leading global private equity firm, and
members of senior management, has submitted a proposal to acquire all of
the outstanding common stock of EGL, Inc. at a price of $36 per share in
cash. Crane, who would continue as Chairman and CEO following the
transaction, together with other members of senior management, would
participate in the proposed transaction by making a significant equity
investment. Crane currently owns approximately 18% of the outstanding
common stock of EGL. Bank of America Securities, LLC, Goldman Sachs Credit
Partners, L.P. and Merrill Lynch, Pierce, Fenner & Smith Incorporated have
provided "highly confident" letters regarding the ability to raise the
$1.125 billion of debt financing necessary to complete the transaction.
Merrill Lynch also is serving as financial advisor in connection with the
offer.
The proposal represents a premium of approximately 21 percent over the
closing price of EGL stock on Friday, December 29, 2006, of $29.78.
"I am pleased to be working together with General Atlantic and other
members of senior management to provide an opportunity for all of EGL's
shareholders to realize a significant premium," Crane said. "Our proposal
would keep our valued key senior management team and employee base in tact
and enable us to seamlessly continue to provide our customers with the high
level of service they have come to expect from EGL."
Founded in 1984, Houston-based EGL, Inc. operates under the name EGL
Eagle Global Logistics. EGL is a leading global transportation, supply
chain management and information services company dedicated to providing
superior flexibility and fewer shipping restrictions on a price competitive
basis. With 2005 revenues of $3.1 billion, EGL's services include air and
ocean freight forwarding, customs brokerage, local pickup and delivery
service, materials management, warehousing, trade facilitation and
procurement, and integrated logistics and supply chain management services.
The company's shares are traded on the NASDAQ Global Select Market under
the symbol "EAGL."
General Atlantic LLC is a leading global private equity firm providing
capital for growth companies driven by information technology or
intellectual property. The firm was founded in 1980 and has approximately
$10 billion of capital under management. General Atlantic has invested in
over 150 companies, with current holdings in 50 portfolio companies of
which about one-half are based outside the United States. The firm is
distinguished within the investment community by its global strategy and
worldwide presence, its commitment to provide sustained value-added
assistance for its portfolio companies and its long-term approach. General
Atlantic has nearly 70 global investment professionals among its 145
employees worldwide with offices in Greenwich, New York, Palo Alto, London,
Dusseldorf, Hong Kong and Mumbai. For further information and a listing of
GA's public and private portfolio companies see
http://www.generalatlantic.com .
This news release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Although it is believed that the
expectations are based on reasonable assumptions, there can be no assurance
that such assumptions will materialize. Important factors that could cause
actual results to differ materially from those in the forward-looking
statements herein are enumerated in EGL's Annual Report on Form 10-K and
other filings with the Securities and Exchange Commission.
SOURCE Jim Crane
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Related links:
http://www.generalatlantic.com
CONTACT:
Margaret Barradas, +1-281-618-3274, for Jim
Crane
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