Eagle and Crane Undeterred By Equity Withdrawal

Blaming lower-than-expected fourth-quarter 2006 revenues and increased costs that depressed financial results for EGL, General Atlantic pulled out of the deal that would have used a combination of cash and debt to take EGL private.

The board of EGL issued a statement saying it had formed a special committee to review and evaluate strategic alternatives for the company. The committee authorized its financial advisor Deutsche Bank Securities to solicit interest from third parties for the sale of the company.

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