It's been a tough fight for the buyout of EGL Inc. (NASDAQ: EAGL). Apollo Management and the company's CEO, James Crane, have been bidding against each other for the past five months or so.
But it looks like we have a deal. That is, EGL has agreed to a $2 billion offer from Apollo.
Making things easier, Apollo also owns Ceva. As a result, the combined EGL-Ceva will create a much bigger logistics company.
However, Crane is not giving up. If you check out a filing with the SEC, top executives at EGL are alleging that another executive provided confidential information to Apollo.
Well, litigation is pretty common in such things. So, I suspect we'll see a complaint filed.
But, in the end, Apollo had a higher price and that should mean the deal will finally get done.
Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.
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