Westway Group, Inc. Announces Extension Of Tender Offer For Publicly Traded Warrants
NEW ORLEANS, Sept. 7, 2010 (GLOBE NEWSWIRE) -- Westway Group, Inc. (Nasdaq:WWAY) ("Westway") today announced that it has extended until 12:00 midnight, New York City time, on Wednesday, September 8, 2010, the period during which holders of up to 45,999,900 of its publicly-traded warrants, each exercisable into one share of Westway common stock for $5.00 per share (Nasdaq:WWAYW), may tender their warrants to receive a price of $0.13 per warrant tendered by the holder, net to the holder in cash and without interest.
Westway has been advised that as of 12:00 midnight, New York City time, on Friday, September 3, 2010, the previous expiration time of the tender offer, approximately 15,654,201 warrants, representing approximately 34 percent of the total number of warrants eligible to be tendered in the tender offer, have been tendered and not withdrawn.
Westway will purchase all warrants properly tendered and not properly withdrawn in the tender offer, as specified in the Offer to Purchase document, as amended, relating to the tender offer that was originally filed with the Securities and Exchange Commission (the "SEC") on August 9, 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 Tenders of warrants must be made on or prior to the expiration of the tender offer and may be withdrawn at any time on or prior to the expiration of the tender offer and, if not yet accepted for purchase, at any time after 12:01 a.m., New York City time on Monday, October 4, 2010.The terms of the tender offer also provide that the tender offer is subject to, among other conditions, the condition that there be validly tendered and not withdrawn before the expiration of the tender offer, an aggregate number of warrants representing at least 80% of the total number of warrants outstanding (excluding 1,400,000 warrants included in units which representatives of underwriters in Westway's initial public offering have an option to purchase and 5,214,286 warrants issued to Westway's founders in a private placement in connection with Westway's initial public offering, both of which classes of warrants are not subject to the tender offer). Westway currently intends that this will be its only tender offer to purchase its warrants prior to their expiration on May 24, 2011.
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