EGL shareholders Approve of CEVA Merger

Texas supply chain management company EGL, Inc. says its shareholders have approved the proposed merger with CEVA Group, a UK public limited company owned by affiliates of Apollo Management.

EGL and CEVA were expected to wrap up the merger by August 2. As a result, EGL would become a wholly-owned indirect subsidiary of CEVA. EGL's shareholders would be entitled to receive US$47.50 in cash, without interest, for each share of EGL common stock they own.

More than 59 per cent of the shares eligible to vote at the annual meeting were voted in favour of the approval of the merger agreement.

Founded in 1984, Houston-based EGL operates under the name EGL Eagle Global Logistics. EGL is a global transportation, supply chain management and information services company. With 2006 revenues of $3.2 billion, EGL's services include air and ocean freight forwarding, customs brokerage, local pickup and delivery service, materials management, warehousing, trade facilitation and procurement and integrated logistics as well as supply chain management.