EQT Infrastructure II Announces Results of Westway Tender Offer

EQT Infrastructure II Announces Results of Westway Tender Offer

WHITE PLAINS, N.Y., Jan. 31, 2013 (GLOBE NEWSWIRE) -- EQT Infrastructure II
("EQT") announced today the results of the all-cash tender offer (the "Offer")
by its wholly-owned subsidiary, Bishop Infrastructure III Acquisition Company,
Inc. ("Purchaser"), to purchase all of the outstanding equity securities of
Westway Group, Inc. ("Westway") (Nasdaq:WWAY), which expired at 12:00
(midnight), New York City time, on January 30, 2013 (the "Expiration Time").

As at the Expiration Time, based on the calculations of Continental Stock
Transfer and Trust Company, the Depositary for the Offer:

  *26,196,183 shares of Class A common stock and Class B common stock of
    Westway (together, the "Common Stock"), par value $0.0001 per share,
    representing approximately 93% of the shares of Common Stock currently
    outstanding;
    
  *33,321,892 shares of Series A perpetual convertible preferred stock (the
    "Preferred Stock"), par value $0.0001 per share, representing 100% of the
    shares of Preferred Stock currently outstanding; and
    
  *3,476,189 shares of Class A Common Stock subject to outstanding warrants
    (all of which have an exercise price of $5.00 per share of Class A Common
    Stock), representing 100% of such shares,

had been validly tendered pursuant to the Offer and not properly withdrawn.
Purchaser has accepted for payment all such tendered securities. Immediately
after consummation of the Offer, Purchaser held approximately 93% of the
outstanding shares of Common Stock and 100% of the outstanding shares of
Preferred Stock. Purchaser has instructed the Depositary to promptly issue
payment for the securities validly tendered and accepted for payment pursuant
to the terms of the Offer.

As a result of the purchase of shares pursuant to the Offer, Purchaser has
sufficient voting power to approve the merger of the Purchaser with and into
Westway under applicable Delaware law without the affirmative vote of any
other stockholder of Westway.

Bishop Infrastructure II Acquisition Company, Inc., the immediate parent
company of Purchaser ("Parent"), intends to merge Purchaser with and into
Westway, with Westway surviving as a wholly-owned subsidiary of Parent, by
filing a certificate of ownership and merger with the Secretary of State of
Delaware on January 31, 2013, with the merger to become effective on February
1, 2013.

Further information about the tender offer and the merger can be obtained from
MacKenzie Partners, Inc., which is acting as information agent for the Offer,
at 105 Madison Avenue, New York, NY 10016, (212) 929-5500, Continental Stock
Transfer & Trust Company, which is acting as depositary for the Offer, at 17
Battery Place, New York, NY 10004, (212) 509-4000, and from:

Glen T. Matsumoto +1 914 607 4502
Partner at EQT Partners,
Investment Advisor to EQT Infrastructure II
EQT Press Department +46 8 506 55 334

Perk Hixon
Sr. Managing Director at Evercore Partners
(212) 822-7554

Thomas A. Masilla, Jr.
Chief Financial Officer, Westway Group, Inc.
(504) 636-4245

Forward Looking Statements

Information provided and statements contained in this press release that are
not purely historical, such as statements regarding future business plans and
prospective performance and opportunities are forward-looking statements
within the meaning of Section27A of the Securities Act of 1933 and
Section21E of the Securities Exchange Act of 1934. Such forward-looking
statements only speak as of the date of this press release, and Westway, EQT
and their respective affiliates assume no obligation to update the information
included in this press release. Statements made in this press release that are
forward-looking in nature may involve risks and uncertainties. Accordingly,
readers are cautioned that any such forward-looking statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict, including,
without limitation, the risk that business disruption relating to the merger
may be greater than anticipated and other specific risk factors discussed
herein and in other releases and public filings made by Westway. Although
Westway, EQT and their respective affiliates believe that the expectations
reflected in such forward-looking statements are reasonable as of the date
made, expectations may prove to have been materially different from the
results expressed or implied by such forward-looking statements. Unless
otherwise required by law, Westway, EQT and their respective affiliates also
disclaim any obligation to update their view of any such risks or
uncertainties or to announce publicly the result of any revisions to the
forward-looking statements made in this press release.

About EQT

EQT is the leading private equity group in Northern Europe with over EUR 19
billion in raised capital and multiple investment strategies. Together with an
extensive network of independent Industrial Advisors, EQT implements its
investment strategy by acquiring or financing good medium-sized to large
companies in Northern and Eastern Europe, Asia and the United States,
supporting their development into leading companies. Development is achieved
by an industrial strategy with focus on growth. Since inception, EQT has
invested more than EUR 11 billion in around 100 companies and exited close to
50. EQT-owned companies have more than 550,000 employees.

EQT Infrastructure II is the second fund within the infrastructure investment
strategy. The first fund closed in 2008 at EUR 1.2 billion fund. EQT
Infrastructure II seeks to invest in medium-sized infrastructure businesses in
the Nordic region, parts of Continental Europe, and North America. Investment
targets are regulated infrastructure, concession-based infrastructure,
market-based infrastructure and infrastructure-related services. EQT
Infrastructure II closed in early January 2013 at EUR 1.925 billion.

EQT Partners, acting as Investment Advisor to the general partners and
managers of each EQT fund, has around 120 investment professionals with an
extensive industrial and financial competence. EQT Partners and its affiliates
have offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, Oslo, London,
Munich, New York, Shanghai, Singapore, Stockholm, Warsaw and Zurich.

More information can be found on www.eqt.se

About Westway

Westway is a premier provider of storage and related services to owners of
bulk liquid products worldwide. The business has over 330million gallons of
storage capacity through a global network of 19 terminal locations including
14 in the U.S., 1 in Canada and 4 in Europe. The business is focused on niche
liquid products and customized service offerings with strong margin potential
and has a leading market position in the agricultural and chemical commodity
sectors. Key products stored include petroleum oils, caustics, asphalts,
vegetable oils, methyl esters, chemicals and molasses products, among others.

The Westway Group, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7654

Westway Group, Inc. Logo
 
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