Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for EGL Inc. > News item |
EGL shareholder and chairman loses General Atlantic as equity sponsor in acquisition bid
By Lisa Kerner
Charlotte, N.C., Feb. 7 - General Atlantic LLC withdrew as an equity sponsor for James R. Crane's offer to acquire all of the outstanding equity interests in EGL, Inc. for $36 per share due to an expected shortfall in EGL's fourth-quarter 2006 results.
EGL said it expects to report ending 2006 with approximately $142 million in cash, restricted cash and short-term investments and total debt of about $170 million. The company ended 2005 with $123 million in cash, restricted cash and short-term investments and $231 million of total debt.
Crane, EGL's largest shareholder, chief executive officer and chairman of the board, notified EGL's board that he intends to seek alternative equity sources and plans to present a revised offer, according to a company news release.
Houston-based EGL is a global transportation, supply chain management and information services company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.