Westway (WWAY) Gets $6/Share Offer; Committee Says Bid 'Substantially Undervalues' Company
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Westway Group, Inc. (Nasdaq: WWAY) announced that it received an unsolicited proposal from an infrastructure investment fund (the "Offeror") on December 18, 2011 to acquire Westway. The offer, which was made contingent upon the consummation of the previously announced proposed transaction to sell Westway Feed Products and certain non-core bulk liquid storage terminals, was for $6.00 per common share, $6.00 for each outstanding Series A Convertible Preferred Share and $1.00 for each outstanding Founder Warrant.
The Special Committee has carefully reviewed the Offeror's unsolicited proposal with the assistance of Evercore and has determined that it substantially undervalues the Westway Terminals business and its future prospects and does not provide any basis to begin discussions or negotiations. The Special Committee has invited the Offeror to enter into a customary confidentiality agreement to permit the Offeror to see non-public information.
The Special Committee has carefully reviewed the Offeror's unsolicited proposal with the assistance of Evercore and has determined that it substantially undervalues the Westway Terminals business and its future prospects and does not provide any basis to begin discussions or negotiations. The Special Committee has invited the Offeror to enter into a customary confidentiality agreement to permit the Offeror to see non-public information.
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