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April 04, 2007 That's not your deal! It's mine!
The much-discussed drama of the EGL, Inc. private equity transaction has everyone questioning the "new" rules of engagement. It seems that if a higher bid comes in after the documents are signed, the board has to consider the higher offer. As the EGL board was accepting the management led buyout at $38 per share, Apollo Management LP was submitting an offer for $2 more (and have since increased it to $41). At first the Apollo law suit seemed to have little validity, but a recent court decision has delayed the close. And guess what? The market thinks the lawsuit holds and the deal gets done higher than the original offer. EAGL closed today at $39.69!
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