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NEW ORLEANS, Sept. 8, 2010 (GLOBE NEWSWIRE) -- Westway Group, Inc. (Nasdaq:WWAY) ("Westway") today announced that it has amended certain terms of its previously-announced tender offer to purchase 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).
The amended terms of the tender offer provide to each tendering warrant holder the opportunity to receive either (i) $0.13 per warrant tendered, net to the holder in cash and without interest, (ii) one share of Westway's class A common stock for every 30 warrants tendered for exchange (and not tendered for cash) by the holder, or (iii) any combination of cash and stock as the holder may elect on the terms set forth above.
The amended terms of the tender offer also provide that the tender offer is subject to, among other conditions, the condition that there are validly tendered and not withdrawn before the expiration of the tender offer an aggregate number of warrants representing at least 70% of the total number of warrants outstanding (not including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 classes of warrants are not subject to the tender offer).
The tender offer, as amended, now expires at 12:00 midnight, New York City time, on Tuesday, September 21, 2010, unless further extended. The tender offer previously was scheduled to expire at 12:00 midnight, New York City time, on Wednesday, September 8, 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 Tenders of warrants must be made on or prior to the expiration of the tender offer and may be withdrawn at any time on or prior to the expiration of the tender offer and, if not yet accepted for purchase, at any time after 12:01 a.m., New York City time on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.