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
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.