The board of EGL Inc., a majorfreight forwarder, has approved thelatest buyout offer led by James Crane,the company’s chairman and CEO.

Houston-based EGL has signed a definitive merger agreement under which Crane and his private equity investors – Centerbridge Partners LPand The Woodbridge Co. Ltd., aninvestment group formed by Canada’sThomson family – will acquire the companyin a transaction valued at about$1.7 billion.

EGL’s board has approved the agreementand will recommend that thecompany’s shareholders approve themerger. The company said its shareholderswill receive $38 for each EGLcommon share.