EGL Receives Proposal From Apollo Management L.P.

Search Blogs that Mention this News Release
Click this link to view linked Bookmarking Services
Click this link to view linked Blogging Services
EGL Receives Proposal From Apollo Management L.P.
    HOUSTON, March 20 /PRNewswire-FirstCall/ -- EGL, Inc. (Nasdaq: EAGL)
("EGL" or the "Company"), announced today that the Special Committee of its
Board of Directors has received a written proposal, dated March 19, 2007
from Apollo Management L.P. expressing its interest in the acquisition of
EGL, Inc. for $40.00 per share, subject to certain conditions, including
expedited confirmatory due diligence. The Special Committee determined
that, under EGL's Merger Agreement with an affiliate of James R. Crane,
Apollo's proposal is an alternative proposal. Accordingly, the Special
Committee has also informed the Crane Affiliate of the existence of the
proposal, and has made arrangements so that Apollo may conduct its due
diligence investigation with respect to its proposal.
    The Special Committee cautions that there can be no assurance that
Apollo or another third party will make a firm offer, or that the terms of
any such offer received will be a superior proposal or will be consummated.
    Important Additional Information Regarding the merger will be Filed
with the SEC:
    In connection with the proposed merger, the Company will file a proxy
statement with the Securities and Exchange Commission (the "SEC").
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN
IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE MERGER AND THE PARTIES TO THE MERGER. Investors and security holders
may obtain a free copy of the proxy statement (when available) and other
relevant documents filed with the SEC from the SEC's website at
http://www.sec.gov. The Company's security holders and other interested
parties will also be able to obtain, without charge, a copy of the proxy
statement and other relevant documents (when available) by directing a
request by mail or telephone to Investor Relations, EGL, Inc., 15350
Vickery Drive, Houston, Texas 77032, telephone (281) 618-3100, or from the
Company's website, http://www.eaglegl.com.
    The Company and its directors, executive officers and other members of
its management and employees (including, without limitation, Mr. Crane) may
be deemed to be participants in the solicitation of proxies from the
Company's shareholders with respect to the merger. Information about the
Company's directors and executive officers and their ownership of the
Company's common stock is set forth herein and in the proxy statement for
the Company's 2006 Annual Meeting of Shareholders, which was filed with the
SEC on April 14, 2006 and its Current Report on Form 8-K filed on March 19,
2007. Shareholders and investors may obtain additional information
regarding the interests of the Company and its directors and executive
officers in the merger, which may be different than those of the Company's
shareholders generally, by reading the proxy statement and other relevant
documents regarding the merger, which will be filed with the SEC.
    CAUTIONARY STATEMENTS
    The statements included in this news release regarding any merger or
similar proposal by Apollo Management L.P., including the timing thereof,
the likelihood that such an offer could be consummated, any future actions
by an affiliate of James R. Crane 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 acquisition financing, approval of any offer or
strategic alternative by the special committee and board, actions by the
affiliate of James R. 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.
http://www.eaglegl.com
CONTACT:
Mike Slaughter, VP Finance of Eagle Global
Logistics, +1-281-618-3428, or cell +1-713-449-2754