Ceva Boosts EGL Offer to $2 Billion

Ceva Logistics said Monday it has made a new offer to buy EGL Inc., raising its per-share offer to $47.50 a share, or about $2 billion total.

Ceva has been in a bidding war with a rival group of investors led by EGL Chief Executive Officer James Crane.

Last week, EGL said Ceva’s previous offer of $46 was “superior” to the Crane group’s previous $45 offer.

If the transaction is completed, Ceva said it intends to retain EGL’s headquarters in Houston and to use EGL’s operations as a complementary base to expand CEVA’s scale and product offerings globally.

Ceva, the former TNT Logistics, is owned by private-equity firm Apollo Management.

EGL, which operates under the name Eagle Global Logistics, is ranked No. 11 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.