EGL Accepts Ceva’s Bid
EGL Inc. said Thursday it had accepted a $2 billion bid to be acquired by the Ceva Group, which is owned by private-equity firm Apollo Management.
Under the agreement, EGL shareholders will receive $47.50 in cash per share of EGL stock they hold at the time of the merger.
EGL’s shares closed at $46.64 per share Wednesday on the Nasdaq Stock Market.
The purchase price represents a premium of about 60% over $29.78, the closing price of 
EGL stock on Dec. 29, the last trading day before an initial proposal was made by a group led by EGL Chief Executive Officer James Crane to take EGL private.
Subsequent offers led to a bidding war between the Crane-led group and Ceva in the past few months, with Ceva’s the highest offer.
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.
Ceva, formerly TNT Logistics North America, was purchased by Apollo last year and is ranked No. 12 on the TT Logistics 50 listing of U.S. and Canadian logistics firms.
