Westway and EQT Infrastructure II Announce Successful Completion of
Acquisition of Westway
WHITE PLAINS, NY and NEW ORLEANS, LA, Feb. 1, 2013 (GLOBE NEWSWIRE) -- Westway
Group, Inc. (Nasdaq:WWAY) ("Westway") and EQT Infrastructure II ("EQT") today
announced the successful consummation of the previously announced merger of
EQT's wholly-owned affiliate, Bishop Infrastructure III Acquisition Company,
Inc., with and into Westway.
Under the terms of the merger agreement and as a result of the merger, each
share of capital stock of Westway remaining outstanding after the consummation
of EQT's tender offer for all of the capital stock of Westway was converted
into the right to receive an amount equal to $6.70 in cash, without interest
thereon and less any required withholding taxes (the "Merger Consideration").
As a result of the merger, Westway is a wholly-owned affiliate of EQT.
Continental Stock Transfer and Trust Company, as exchange agent for the
merger, will mail letters of transmittal to all Westway stockholders of record
immediately prior to the merger with instructions on how to surrender their
shares in exchange for the Merger Consideration. Westway stockholders should
not surrender their shares until they have reviewed the instructions in the
letter of transmittal or contacted their banks or brokers to determine what
actions they must take to receive the Merger Consideration.
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
Thomas A. Masilla, Jr.
Chief Financial Officer, Westway Group, Inc.
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 Section 27A of the Securities Act of 1933 and Section
21E 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.
EQT is the leading private equity group in Northern Europe with approximately
EUR 20 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 approximately EUR 1.2 billion. EQT
Infrastructure II seeks to invest in medium-sized infrastructure companies
with a significant opportunity for value creation through accelerating growth
and implementing operational improvements. Potential investment targets are
basic infrastructure, concession-based infrastructure and
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
Westway is a premier provider of storage and related services to owners of
bulk liquid products worldwide. The business has over 330 million 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
Westway Group, Inc. Logo
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