EGL shareholders OK deal with Apollo affiliate

By Lisa Kerner

Charlotte, N.C., July 31 - EGL, Inc. shareholders approved the company's proposed $47.50-per-share merger with CEVA Group plc, an affiliate of Apollo Management VI, LP, at EGL's annual meeting on Tuesday.

More than 59% of the shares eligible to vote were voted in favor of the merger approval, a company news release stated.

The merger is expected to close on Aug. 2, after which EGL will become a wholly owned indirect subsidiary of CEVA.

On May 24, CEVA announced it would acquire EGL in a $2 billion transaction. A $20 million termination fee was included in the deal.

EGL terminated its previous merger agreement with its largest shareholder and chief executive officer James R. Crane and his affiliates including Centerbridge Partners, LP and the Woodbridge Co., Ltd. The company paid a $30 million fee to the Crane group in connection with the termination.

EGL is a transportation, supply chain management and information services company based in Houston. CEVA (formally known as TNT Logistics) is a Hoofddorp, Netherlands-based logistics and supply chain management company.

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