EGL Gets New Bids; Profit Jumps

EGL Inc. said it received revised proposals from the two bidders attempting to buy the company.

Separately, the company said its first-quarter profit rose 56% to $17.3 million or 42 cents a share, from $11.1 million or 27 cents a year ago. Revenue rose to $789.8 million from $752.4 million.

The company’s special committee coordinating its potential sale received new offers from both Ceva Group and the group affiliated with EGL Chief Executive Officer James Crane, the company’s largest shareholder.

Both have already bids for the company. Ceva is owned by private-equity firm Apollo Management.

The Crane group increased its proposal to buy EGL for $45 per share in cash, while Ceva followed with a $46.00 offer, both up from previous bids.

The “committee determined that the revised proposal from the CEVA group is a superior proposal as defined in the merger agreement,” EGL said in a statement, though it said it will keep a bid period open through Wednesday.

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.