NEW ORLEANS, Feb. 28, 2007 (PRIME NEWSWIRE) -- Kahn Gauthier Swick, LLC announces that it encourages investors to now participate in its ongoing investigation into the fairness and adequacy of the bid for EGL Inc. (Nasdaq:EAGL) by a group led by CEO Jim Crane, and including private-buyout firms Centerbridge Partners LP and Woodbridge Company Ltd.
According to a statement published by Crane earlier today, together with private equity partners Centerbridge Partners and Woodbridge Co., as well as other members of senior management, a proposal to acquire all of the outstanding common stock of EGL at a price of $36 per share in cash was submitted to EGL's Board of Directors. This proposal provides shareholders with a 5% premium over the closing price of EGL stock on Tuesday, February 27, of $33.47, but it is well below the $50.00 trading range in which EGL shares traded during the summer of 2006. EGL provides transportation, supply chain management, and information services in the United States and internationally.
The initial stages of KGS' investigation indicate that the anticipated private equity offer may substantially undervalue the price of EGL shares. Investors are now encouraged to assist in the KGS investigation. Investors with knowledge regarding the undervaluation of the buyout offer, or with knowledge of facts that demonstrate the unfairness of the bidding or evaluation process, are encouraged to contact Lewis Kahn, President, KGS: Investigations Bureau toll free 1-866-467-1400, ext. 100, or by email at lewis.kahn@kgscounsel.com as soon as possible, without obligation or cost to you.