Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Westway Group, Inc. (“Westway”) (Nasdaq: WWAY) to an affiliate of EQT Infrastructure II for shareholders. Under the terms of the proposed deal valued at approximately $419 million, Westway shareholders will only receive $6.70 for each share of Westway stock owned, which is below the 52 week high of $7.00 per share. If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Zach Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. The Westway sale investigation centers on whether Westway’s shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Westway’s stock, and whether Westway’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Notably, at least one analyst with Yahoo! Finance has estimated that the true inherent value of Westway could be as high as $7.00 per share, well above the proposed sale price. Shareholder rights attorney Willie Briscoe stated that “due to the proposed sale price, the size of the deal and other factors, we believe this transaction may undervalue Westway’s stock. Our proposed lawsuit will seek to obtain the highest share price for all shareholders.” The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
Shares of Westway Group (Nasdaq:WWAY) have taken a tremendous swing upward. The stock is trading at $5.41 as of 9:53 a.m. ET, 20.9% above Tuesday's closing price of $4.48. Volume is at 69,683, 8.3 times the daily average of 8,400.