Block & Leviton LLP Investigates Westway Group, Inc. For Possible Breaches Of Fiduciary Duty In Connection With Its Acquisition By EQT
BOSTON, Dec. 20, 2012 /PRNewswire/ -- Block & Leviton LLP ( www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duty by the Board of Directors of Westway Group, Inc. ("Westway" or the "Company") (NASDAQ: WWAY) concerning the proposed acquisition of the Company by EQT's Infrastructure II Fund ("EQT") in an all cash transaction expected to close by the end of the first quarter of 2013.
Under the terms of the proposed acquisition, announced after the close of the market on December 20, 2012, EQT will acquire all of the outstanding equity securities of Westway in a deal for approximately $6.70 per Westway share, setting a value for the Company of approximately $470 million. This represents a paltry 9% premium to the closing price the day of the announcement. The offer price is well below the price targets proposed by analysts available on investment sites such as Yahoo! Finance. Indeed, the Company's stock traded above the offer price as recently as September 24, 2012. Moreover, Westway has recently delivered positive news to investors, including an announcement with their most recent Form 10-Q that Company consolidated net income was up 21%.
Block & Leviton's investigation seeks to determine, among other things, whether Westway's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed acquisition by EQT and the overall fairness of the process by which the Westway Directors considered and approved the transaction.
If you are a Westway shareholder and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte, at (617) 398-5600 or email him at Steven@blockesq.com.Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years. This notice may constitute attorney advertising. Contact: BLOCK & LEVITON LLP Steven P. Harte, Esq. firstname.lastname@example.org (617) 398-5600 SOURCE Block & Leviton LLP
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