HOUSTON, Feb. 12 /PRNewswire-FirstCall/ -- The board of directors of
EGL, Inc. (Nasdaq: EAGL) has issued a statement following the withdrawal by
General Atlantic LLC as an equity sponsor from the offer made by James R.
Crane, the Company's largest shareholder, Chief Executive Officer and
Chairman of the Board.
A Special Committee was formed by the board to review and evaluate the
proposal originally made by Mr. Crane and General Atlantic. The Special
Committee's role has also encompassed reviewing and evaluating strategic
alternatives in addition to that proposal. In that regard, the Special
Committee had authorized its financial advisor, Deutsche Bank Securities,
to solicit interest from third parties for the sale of the Company, and
that process had begun prior to the withdrawal by General Atlantic.
Although it has not reached any conclusion as to whether a sale or any
other alternative should be pursued, the Special Committee currently
expects to continue its process of investigating strategic alternatives
regardless of whether Mr. Crane revises or terminates his prior offer.
As recently announced, the Special Committee was notified on February
6, 2007 that General Atlantic LLC had withdrawn as an equity sponsor from
the offer made by Mr. Crane. At the same time, Mr. Crane informed the
Special Committee that he intends to seek alternative equity sources to
replace General Atlantic and present a revised offer to the Board
reflecting any such new equity commitments.
There can be no assurance that any revised offer from Mr. Crane or any
offer from a third party will be made, or that the terms of any offer
received, if any, will be acceptable to the Special Committee, that any
agreement will be executed or that this or any other transaction will be
approved or consummated.
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".
CAUTIONARY STATEMENTS
The statements in this press release regarding alternative equity
sources, any alternative or revised offer pursued by Mr. Crane, any
strategic alternatives, continuation of process, sale or other transaction
and other statements that are not historical facts, are forward-looking
statements. These statements involve risks and uncertainties including, but
not limited to, market conditions, availability and terms of any
alternative equity financing, availability of other acquisition financing,
approval of any offer or strategic alternative by the special committee and
board, the Company's financial results and performance, actions by Mr.
Crane or other bidders with respect to any future bid and other factors
detailed in risk factors and elsewhere in the Company's Annual Reports on
Form 10-K and other filings with the Securities and Exchange Commission.
Should one or more of these risks or uncertainties materialize (or the
consequences of such a development worsen), or should underlying
assumptions prove incorrect, actual outcomes may vary materially from those
forecasted or expected. The Company disclaims any intention or obligation
to update publicly or revise such statements, whether as a result of new
information, future events or otherwise.
SOURCE EGL, Inc.
 back to top
Related links:
http://www.eaglegl.com
CONTACT:
Mike Slaughter, Vice President Finance of
EGL, Inc., +1-281-618-3428
|
