Block & Leviton LLP Investigates Westway Group, Inc. for Possible Breaches of
Fiduciary Duty in Connection with Its Acquisition by EQT
BOSTON, Dec. 20, 2012
BOSTON, Dec. 20, 2012 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com),
a Boston-based law firm representing investors nationwide, has commenced an
investigation into possible breaches of fiduciary duty by the Board of
Directors of Westway Group, Inc. ("Westway" or the "Company") (NASDAQ: WWAY)
concerning the proposed acquisition of the Company by EQT's Infrastructure II
Fund ("EQT") in an all cash transaction expected to close by the end of the
first quarter of 2013.
Under the terms of the proposed acquisition, announced after the close of the
market on December 20, 2012, EQT will acquire all of the outstanding equity
securities of Westway in a deal for approximately $6.70 per Westway share,
setting a value for the Company of approximately $470 million. This
represents a paltry 9% premium to the closing price the day of the
announcement. The offer price is well below the price targets proposed by
analysts available on investment sites such as Yahoo! Finance. Indeed, the
Company's stock traded above the offer price as recently as September 24,
2012. Moreover, Westway has recently delivered positive news to investors,
including an announcement with their most recent Form 10-Q that Company
consolidated net income was up 21%.
Block & Leviton's investigation seeks to determine, among other things,
whether Westway's Directors breached their fiduciary duties by failing to
maximize shareholder value in the proposed acquisition by EQT and the overall
fairness of the process by which the Westway Directors considered and approved
If you are a Westway shareholder and have questions about your legal rights,
or if you have information relevant to this investigation, please contact
attorney Steven P. Harte, at (617) 398-5600 or email him at
Block & Leviton is a Boston-based law firm representing investors nationwide
for violations of securities laws. The firm's lawyers have collectively been
prosecuting securities cases on behalf of investors for over 50 years. This
notice may constitute attorney advertising.
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
SOURCE Block & Leviton LLP
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