Westway Group, Inc. Commences Tender Offer For Publicly Traded Warrants
NEW ORLEANS, Aug. 9, 2010 (GLOBE NEWSWIRE) -- Westway Group, Inc. (Nasdaq:WWAY) ("Westway") today announced that it has commenced a tender offer to purchase up to 45,999,900 of its publicly traded warrants (Nasdaq:WWAYW), which entitle the holder to purchase shares of its common stock. The offer to purchase the warrants is at a price of $0.13 per warrant.
The tender offer commenced today and will expire, unless extended, at 12:00 midnight, New York City time, on Friday, September 3, 2010. Tenders of warrants must be made on or prior to the expiration of the tender offer and may be withdrawn at any time on or prior to the expiration of the tender offer.
Westway will purchase all warrants properly tendered and not properly withdrawn in the tender offer, as specified in the Offer to Purchase document relating to the tender offer that was filed with the Securities and Exchange Commission (the "SEC") and distributed to warrant holders. Westway anticipates that the purchase will be financed from its available cash reserves and/or available borrowings under its revolving credit facility.As of August 9, 2010, there are 52,614,186 warrants outstanding (including 1,400,000 warrants included in units which representatives of underwriters in Westway's initial public offering have an option to purchase (the "Underwriter Warrants") and 5,214,286 warrants issued to Westway's founders in a private placement in connection with Westway's initial public offering (the "Founder Warrants"), both of which are not subject to the tender offer). The tender offer is subject to certain conditions as described in the Offer to Purchase document, including there being validly tendered and not withdrawn before the expiration of the tender offer a number of warrants representing at least 80% of the total number of warrants outstanding (excluding the Underwriter Warrants or the Founder Warrants). Westway currently intends that this will be its only tender offer to purchase its warrants prior to their expiration on May 24, 2011.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV