General Atlantic withdraws from EGL deal

General Atlantic has pulled out of a proposed equity purchase deal with EGL due to an expected shortfall in EGL’s fourth quarter 2006 results. General Atlantic has withdrawn as an equity sponsor from the offer made to acquire all outstanding equity interests in EGL by James Crane, the company’s largest shareholder, CEO & chairman of […]


General Atlantic has pulled out of a proposed equity purchase deal with EGL due to an expected shortfall in EGL’s fourth quarter 2006 results.

General Atlantic has withdrawn as an equity sponsor from the offer made to acquire all outstanding equity interests in EGL by James Crane, the company’s largest shareholder, CEO & chairman of the board, and General Atlantic.

EGL expects to release its Q4 results on February 28, 2007. Although the company has not completed the preparation of its financial results for the quarter, EGL expects that its results will be negatively impacted by a decline of approximately 8 percent in revenue per shipment, compared to Q4 2005.

In a statement, James Crane said he intends to pursue one or more alternative equity sources to replace General Atlantic, and intends to present a revised offer to the board reflecting any such new equity commitments.