An investigation on behalf of investors of Westway Group, Inc. (NASDAQ:WWAY) in connection with the proposed takeover was announced and NASDAQ:WWAY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/08/2013 -- An investigation on behalf of investors in Westway Group, Inc. (NASDAQ:WWAY) shares was announced concerning whether the offer by an affiliate of EQT Infrastructure II to acquire Westway Group, Inc. for 6.70 per NASDAQ:WWAY share and the takeover process are unfair to investors in NASDAQ:WWAY shares.
Investors who purchased shares of Westway Group, Inc. (NASDAQ:WWAY) prior to December 20, 2012, and currently hold any of those NASDAQ:WWAY shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Westway Group, Inc. breached their fiduciary duties owed to NASDAQ:WWAY investors in connection with the proposed acquisition.
On Dec. 20, 2012, Westway Group, Inc. (Nasdaq:WWAY) announced it has entered into an 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.
However, at least on analyst has set the high target price for NASDAQ:WWAY shares at $7.00 per share. Furthermore, Westway Group’s financial performance improved over the past recent years. In fact, its annual Revenue rose from $188.79 million in 2009 to $407.43 million in 2011 and its Net Loss of $3.66 million in 2009 turned into a Net Income of $4.94 million in 2011.
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NASDAQ:WWAY stockholders.
Specifically, given that concurrent with the execution and delivery of the Merger Agreement, Agman Louisiana, Inc., Francis Jenkins, Jr. and John Toffolon, Jr. representing in the aggregate approximately 79% of Westway's fully diluted shares outstanding, have each entered into separate agreements with affiliates of EQT Infrastructure II and the Company pursuant to which each has agreed to tender the shares of common or preferred stock beneficially owned by them into the tender offer, the investigation focuses on whether the Westway Group Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Westway Group, Inc. (NASDAQ:WWAY), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego