Second Analyst Puts EGL’s Value at More Than Offer
Company’s Chief Financial Officer Resigns
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A second analyst this month said that EGL Inc. Chief Executive Officer James Crane’s $36-a-share acquisition offer may be undervaluing company by 11% and probably will attract a higher bid from a buyout firm, Bloomberg reported.
Meanwhile, EGL said late Monday that its chief financial officer, Charles Leonard, resigned Friday, and that it promoted three executives, including Gregory Weigel, who was named chief operating officer.Crane said in January he was seeking to take the company private with a group of investors, in a deal worth about $1.2 billion.The “fair acquisition price” for EGL is $40 a share, said Justin Lumiere, an analyst at Oscar Gruss & Son, wrote in a report last Friday, Bloomberg reported. The company’s shares closed at $35.67 per share on Monday.Apollo Management LP, a New York-based buyout firm, may bid for EGL, Lumiere wrote. A spokesman for Apollo declined to comment, Bloomberg reported.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.(Click here for previous coverage.)
A second analyst this month said that EGL Inc. Chief Executive Officer James Crane’s $36-a-share acquisition offer may be undervaluing company by 11% and probably will attract a higher bid from a buyout firm, Bloomberg reported.
Meanwhile, EGL said late Monday that its chief financial officer, Charles Leonard, resigned Friday, and that it promoted three executives, including Gregory Weigel, who was named chief operating officer.Crane said in January he was seeking to take the company private with a group of investors, in a deal worth about $1.2 billion.The “fair acquisition price” for EGL is $40 a share, said Justin Lumiere, an analyst at Oscar Gruss & Son, wrote in a report last Friday, Bloomberg reported. The company’s shares closed at $35.67 per share on Monday.Apollo Management LP, a New York-based buyout firm, may bid for EGL, Lumiere wrote. A spokesman for Apollo declined to comment, Bloomberg reported.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.(Click here for previous coverage.)
