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Stock Market & Financial Investment News

News Breaks
January 7, 2013
13:12 EDTWWAYWestway Group sells liquid feed supplement business to ED&F Man Holdings
Westway Group (WWAY) announced it has closed the previously announced sale of its liquid feed supplement business and certain bulk liquid storage terminals located in Ireland, Denmark, Korea, and the United Kingdom to ED&F Man Holdings Limited, the company's largest stockholder, for a final purchase price of approximately $112M. As previously announced, the company's Board of Directors initiated a process to explore possible strategic alternatives for the company as a whole, including alternatives for Westway Feed Products and the Foreign Terminals, and formed a special committee of independent directors to direct such process. The Special Committee retained Evercore Partners as financial advisor to assist it during this process. The company also received notice from the Federal Trade Commission on January 3, that it had been granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the transactions contemplated by the previously announced Agreement and Plan of Merger, dated as of December 20, 2012, pursuant to which an affiliate of EQT Infrastructure II Limited Partnership agreed to acquire all of the outstanding equity securities of the company for approximately $419M in aggregate cash consideration or $6.70 in cash per common share.
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