Ceva Makes Offer for EGL
EGL Inc. said Thursday it has received an offer from Ceva Group to acquire stock of the Houston-based freight forwarder for $43 a share.
Ceva is the former TNT Logistics business that was acquired by private-equity firm Apollo Management Group last year.
The offer tops a $38-a-share deal from EGL Chairman and largest stockholder James Crane and two private equity funds, including Apollo, which made its own $41 per-share bid in late March.
EGL said a special committee will evaluate the new offer.
