EGL Announces Shareholder Approval of CEVA Merger
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HOUSTON, July 31 / -- EGL, Inc. (NASDAQ:EAGL) ("EGL") announced today that its shareholders, at an annual meeting of shareholders held earlier today in Houston, Texas, approved the proposed merger transaction (the "Merger") with CEVA Group Plc ("CEVA"), a UK public limited company owned by affiliates of Apollo Management VI, L.P. EGL and CEVA will complete the Merger only if the conditions set forth in the Merger Agreement are satisfied or waived. The closing of the Merger currently is anticipated to occur on August 2, 2007. As a result of the Merger, EGL would become a wholly owned indirect subsidiary of CEVA. Under the terms of the Agreement and Plan of Merger among the parties (the "Merger Agreement"), EGL's shareholders would be entitled to receive $47.50 in cash, without interest, for each share of EGL common stock they own.
More than 59% of the shares eligible to vote at the annual meeting were voted in favor of the approval of the Merger Agreement.
Founded in 1984, Houston-based EGL, Inc. operates under the name EGL Eagle Global Logistics. EGL is a leading global transportation, supply chain management and information services company dedicated to providing superior flexibility and fewer shipping restrictions on a price competitive basis. With 2006 revenues of $3.2 billion, EGL's services include air and ocean freight forwarding, customs brokerage, local pickup and delivery service, materials management, warehousing, trade facilitation and procurement, and integrated logistics and supply chain management services. EGL's shares are traded on the NASDAQ Global Select Market under the symbol "EAGL".
FCMN Contact: mslaughter@eaglegl.com
Source: EGL, Inc.
CONTACT:Mike Slaughter, Chief Accounting Officer of EGL, Inc.,
+1-281-618-3428
Web site: http://www.eaglegl.com/
