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May 22, 2007
How high will the bidding for EGL go?
Just when it looked as if an outside bidder had outbid Jim Crane's management led-private equity group for control of Houston-based EGL, Inc., Crane's group upped its bid to $46.25 a share (prior posts here) this past Friday. Then, yesterday, the Crane group's main competitor for EGL -- an affiliate of Apollo Management, LP -- sweetened its bid to $47.50 per share. EGL's board, which is being toasted daily by EGL shareholders, notified Crane's group that it is available until Wednesday to discuss a revision to that group's $46.25 per share offer.
For those of you keeping score, that newest bid price represents just under a 60% premium over the EGL share price from when Crane's group announced its his original bid for the company earlier this year.
This all must be very confusing to Ben Stein.
Posted by Tom at May 22, 2007 4:10 AM
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