HOUSTON, Oct. 4 /PRNewswire-FirstCall/ -- EGL, Inc. (Nasdaq: EAGL) today
announced the final 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 final count by the depositary for the tender offer, an
aggregate of 8,085,958 shares were properly tendered and not withdrawn at or
below a price of $26.00. Because shareholders tendered less than 9,615,000
shares, there was no proration of tendered shares. As a result, EGL has
accepted for purchase and will promptly pay approximately $210.2 million for
all 8,085,958 shares at a purchase price of $26.00 per share. Any shares
received in the tender offer that were not tendered properly will be returned
promptly to the tendering shareholders.
The shares purchased by EGL pursuant to the tender offer represent
approximately 17.1% of EGL's shares outstanding as of August 24, 2005. After
these shares are purchased, 39,209,972 shares will remain outstanding.
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, general economic conditions,
risks associated with operating in international markets, the results of
litigation, the timing and effects of any improvements in the regions and
industry sectors in which the Company's customers operate, ability to manage
and continue growth, competition, ability to renegotiate customer contracts
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.
 back to top
Related links:
http://www.eaglegl.com
CONTACT:
Elijio Serrano, Chief Financial Officer of
EGL, Inc., +1-281-618-3665
|
