NEW ORLEANS, La., Sept. 22, 2010 (GLOBE NEWSWIRE) -- Westway Group, Inc. (Nasdaq:WWAY) ("Westway"), today announced the expiration and final results 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 tender offer expired at 12:00 midnight, New York City time, on September 21, 2010. The tender offer was made pursuant to the Amended and Restated Offer to Purchase and Exchange document, as amended, relating to the tender offer that was originally filed with the Securities and Exchange Commission (the "SEC") on September 8, 2010.
The terms of the tender offer provided that Westway's obligation to purchase warrants tendered pursuant to the tender offer was subject to, among other conditions, the condition that there were validly tendered and not withdrawn before the expiration of the tender offer, an aggregate number of warrants representing at least 70% of the total number of warrants outstanding (excluding 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). This condition has been satisfied.
Westway has been advised by the depositary that 34,107,870 warrants, representing approximately 74% of the total number of warrants eligible to be tendered in the tender offer, were validly tendered and not withdrawn. Westway accepted for purchase all of these warrants for an aggregate purchase price of $4,427,330.70 and 1,716 shares of Westway's class A common stock, excluding fees and expenses related to the tender offer.Payment for the warrants accepted for purchase under the tender offer will be made promptly by the depositary. Following the completion of the tender offer, Westway will have approximately 11,892,030 warrants outstanding, excluding the Underwriter Warrants and the Founder Warrants.