EGL (EAGL) said an Apollo Management affiliate upped its bid for the company to $47.50 a share, moving back in front of a rival group led by CEO Jim Crane.EGL said the Apollo group, a U.K. entity called Ceva, also agreed to cut the termination fee payable to it to $20 million from $30 million under certain circumstances. Ceva said it will pay EGL, a Houston-based logistics firm, $40 million if it can't get financing and $60 million if it breaches merger terms.
Apollo Raises EGL Bid
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