HOUSTON, Feb. 28 /PRNewswire-FirstCall/ -- Jim Crane, the Chairman and
CEO of EGL, Inc. (Nasdaq: EAGL), today announced that he, together with
investment firms Centerbridge Partners, L.P. and The Woodbridge Company
Limited, as well as 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. This proposal provides shareholders the same
consideration offered in Crane's proposal to acquire the Company made on
January 2, 2007, which constituted a 21% premium over the closing price of
EGL stock on Friday, December 29, 2006, of $29.78.
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. Merrill Lynch, Pierce, Fenner & Smith Incorporated and
The Woodbridge Company Limited intend to provide the $1.175 billion of debt
financing necessary to complete the transaction. Merrill Lynch also is
serving as financial advisor in connection with the offer.
"I am pleased to have reached a deal with Centerbridge, Woodbridge and
other members of senior management to renew my previous offer at the same
price per share and 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 intact 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 2006 revenues of $3.2 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."
Centerbridge is a $3.2 billion private investment firm focused on
making private equity investments in companies with leading management
teams and well positioned businesses. The limited partners of Centerbridge
include a variety of institutional investors, including many of the world's
most prominent university endowments, pension funds and charitable trusts.
Centerbridge has a broad mandate to opportunistically invest in and foster
the growth of companies in a variety of industries in which its investment
professionals have extensive experience, including transportation and
logistics.
The Woodbridge Company Limited is the primary investment vehicle for
the Thomson family. It has a controlling interest in The Thomson
Corporation, a world leader in providing integrated information solutions.
Based in Toronto, Canada, Woodbridge also has interests in information
technology, media, real estate, publishing and a portfolio of private
equity investments.
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 James R. Crane
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Related links:
http://www.eaglegl.com
CONTACT:
Media: Margaret Barradas, +1-281-618-3274,
for James R. Crane
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