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It doesn’t happen often — a buyout shop suing its target. But that’s what Apollo Management has done.
Apollo sued logistics company EGL Inc. in state court in Texas yesterday charging that the company and its CEO, James Crane, who had led his own $38 per share buyout bid for the company. Apollo said it has offered $41 but alleges that “Crane has abused his position ... to prevent any third party from making a competitive offer for EGL and to preclude fair consideration by the board of EGL ... of third-party bidders for EGL in order to secure his own acquisition of the company at the lowest possible price.” Apollo asks the Harris County court to find that the defendants, which include other directors, have violated their fiduciary duties. It asks for a ruling ordering them to conduct a fair sale process and nullifying the break-up fee in the take-private agreement with Crane. The stock is down 0.5% to $39.86. We’ll have a full story later.—John E. Morris
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