HOUSTON, July 31 /PRNewswire-FirstCall/ -- EGL, Inc. (Nasdaq: EAGL)
("EGL") announced today that its shareholders, at an annual meeting of
shareholders held earlier today in Houston, Texas, approved the proposed
merger transaction (the "Merger") with CEVA Group Plc ("CEVA"), a UK public
limited company owned by affiliates of Apollo Management VI, L.P. EGL and
CEVA will complete the Merger only if the conditions set forth in the
Merger Agreement are satisfied or waived. The closing of the Merger
currently is anticipated to occur on August 2, 2007. As a result of the
Merger, EGL would become a wholly owned indirect subsidiary of CEVA. Under
the terms of the Agreement and Plan of Merger among the parties (the
"Merger Agreement"), EGL's shareholders would be entitled to receive $47.50
in cash, without interest, for each share of EGL common stock they own.
More than 59% of the shares eligible to vote at the annual meeting were
voted in favor of the approval of the Merger Agreement.
CAUTIONARY STATEMENTS
The statements included in this news release regarding the Merger,
including the timing thereof, the likelihood that such transaction could be
consummated, any future actions by CEVA or its affiliates, the effects of
any transaction on EGL's operations or otherwise, 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, satisfaction
of closing conditions, actions by CEVA and its affiliates and other factors
detailed in risk factors and elsewhere in EGL's most recent Annual Report
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. EGL disclaims any intention or obligation to update
publicly or revise such statements, whether as a result of new information,
future events or otherwise.
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.
EGL's shares are traded on the NASDAQ Global Select Market under the symbol
"EAGL".
SOURCE EGL, Inc.
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Related links:
http://www.eaglegl.com
CONTACT:
Mike Slaughter, Chief Accounting Officer of
EGL, Inc., +1-281-618-3428
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