HOUSTON, Sept. 29 /PRNewswire-FirstCall/ -- EGL, Inc. (Nasdaq: EAGL) today
announced the preliminary results of its modified "Dutch Auction" self-tender
offer to purchase up to 9,615,000 shares of its common stock. The tender
offer expired at 5:00 p.m., New York City time, on Wednesday, September 28,
2005.
Based on the preliminary count by the depositary for the tender offer, an
aggregate of 8,453,015 shares were properly tendered and not withdrawn at or
below a price of $26.00, including 3,026,994 shares that were tendered through
notices of guaranteed delivery. Because shareholders tendered less than
9,615,000 shares, EGL anticipates that the tendered shares will not be subject
to proration. As a result, EGL expects to purchase approximately 8,453,015
shares at a purchase price of $26.00 per share. These shares represent
approximately 17.9% of EGL's shares outstanding as of August 24, 2005.
The number of shares to be purchased and the price per share are
preliminary. The determination of the final number of shares to be purchased
and the final price per share is subject to confirmation by the depositary of
the proper delivery of the shares validly tendered and not withdrawn. The
actual number of shares validly tendered and not withdrawn and the final price
per share will be announced following the completion of the confirmation
process. Payment for the shares accepted for purchase and return of all other
shares tendered and not accepted for purchase (if any) will occur promptly
thereafter. For questions and information about the tender offer, please
contact the information agent, Morrow & Co., Inc., toll free at
1-800-607-0088.
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 2004
revenues exceeding $2.7 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 National Market under the symbol "EAGL".
CAUTIONARY STATEMENTS
The statements in this press release regarding the tender offer, its
results, effect on any purchase of stock, the company's or management's
intentions, beliefs or expectations, or that otherwise speak to future events,
are "forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements involve risks and
uncertainties including, but not limited to, the risk of the failure of
shareholders to deliver shares in accordance with a notice of guaranteed
delivery, risks associated with the conditions to the tender offer as
described in the Offer to Purchase and Schedule TO, as amended, general
economic conditions, risks associated with operating in international markets,
the results of litigation, competition and other factors detailed in EGL's
2004 Form 10-K and Schedule TO, each as amended and other filings with the
Securities and Exchange Commission. If one or more of these risks or
uncertainties materialize (or the consequences of such a development worsen),
or if 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.
SOURCE EGL, Inc.
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Related links:
http://www.eaglegl.com
CONTACT:
Elijio Serrano, Chief Financial Officer of
EGL, Inc., +1-281-618-3665
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