Westway Group, Inc. Announces Review of Strategic Alternatives; Receives Preliminary Offer for Westway Feed Products

Westway Group, Inc. WWAY today announced that it has received an unsolicited preliminary offer from ED&F Man, the Company's largest stockholder, to acquire its Westway Feed Products business and certain non-core bulk liquid storage terminals. James B. Jenkins, Chief Executive Officer of Westway, stated "As the market leader in liquid feed supplements in North America, Westway Feed Products has a strong track record of product innovation and improving financial performance. While we remain committed to this business and believe it has highly attractive future growth prospects, this transaction would serve to further strengthen our balance sheet as well as bolster the Company's liquidity by eliminating Westway's outstanding indebtedness. This substantial increase in financial resources and liquidity would allow us to focus our attention on potential opportunities to create additional stockholder value. As such, we will evaluate ED&F Man's offer and determine the course of action that is in the best interests of the Company and its stockholders." Westway also announced that its Board of Directors has initiated a process to explore possible strategic alternatives for the Company as a whole, including alternatives for its Westway Terminals business. "Despite the Company's continued growth and strong financial performance, the Board feels that the current market valuation of Westway does not reflect the intrinsic value of its businesses and their prospects for future growth," said Francis P. Jenkins Jr., Westway's Chairman. "The strategic review process will allow us to determine the best path forward to realize full value for each of our businesses and maximize aggregate value for the Company's stockholders," he stated.