EGL authorizes “Dutch Auction” to buy 9.6 million shares
EGL authorizes “Dutch Auction” to buy 9.6 million shares
Houston-based forwarder EGL said Monday it has authorized a modified “Dutch Auction” self-tender offer to purchase up to 9.6 million shares, or up to $250 million, of its common stock.
The 9.6 million shares represent approximately 20 percent of EGL’s approximate 47.2 million outstanding shares as of Aug. 24. The tender offer commences today, and will expire at 5 p.m. EDT Sept. 28.
EGL said shareholders will have the opportunity to tender some or all of their shares at a price not less than $22.50 per share or more than $26.00 per share, net to the seller in cash, without interest.
EGL has obtained commitments from Bank of America and its affiliates for additional borrowings to finance the purchase of the shares.