EGL’s Crane Says Apollo Was Not Prepared to Make Bid

EGL Inc. Chief Executive Officer James Crane said Apollo Management Group, which is bidding to buy the company, was not prepared to make an offer before EGL accepted Crane’s lower per-share bid, Bloomberg reported.

Apollo — a private-equity firm that last year bought Ceva Logistics, formerly TNT Logistics — this week sued EGL and its board to prevent the sale of company to the Crane-led group.

EGL failed to consider Apollo’s $40 per-share offer over Crane’s $38 per-share bid that was announced on March 19, according to Apollo's complaint. Apollo also Wednesday it had raised its offer to $41 a share.

Crane is EGL’s largest investor, with 7.1 million shares, or 17% of the company, according to data compiled by Bloomberg.