Westway Group, Inc.
WWAY today announced it has entered into
a definitive agreement pursuant to which an affiliate of EQT Infrastructure II
will acquire all of the outstanding equity securities of Westway Group, Inc.
for approximately $419 million in aggregate cash consideration or $6.70 in
cash per common share (the "Merger Agreement"). The Company also announced
that it that has entered into a definitive agreement to sell its liquid feed
supplement business ("Westway Feed Products" and such agreement, the "Purchase
Agreement") and certain bulk liquid storage terminals located in Ireland,
Denmark, Korea, and the United Kingdom (collectively, the "Foreign Terminals")
to an affiliate of ED&F Man Holdings Limited ("ED&F Man"), the Company's
largest stockholder, for a purchase price of approximately $115 million,
subject to adjustment.
Francis P. Jenkins, Jr., Chairman of the Company and Chairman of the Special
Committee stated "For over a year, we have been reviewing a variety of
strategic alternatives for Westway. After this extensive process, we are
excited to announce these transactions with EQT Infrastructure II and ED&F
Man. We believe the aggregate value of these transactions achieves our
objective of delivering immediate and compelling value for the Company's
stockholders. We also are confident that we have found excellent owners for
the Company's businesses. EQT Infrastructure II has a strong track record in
the bulk liquid storage sector and will be an excellent partner for our
terminal employees and customers. ED&F Man owned Westway Feed Products for
many years and will continue to grow and succeed with our employees, customers
and suppliers."
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