Westway Group, Inc. (WWAY: Quote) said it has entered into final negotiations to sell its liquid feed supplement business, Westway Feed Products, and certain bulk liquid storage terminals to an affiliate of ED&F Man Holdings Ltd., the company's largest stockholder.
Besides, at present, Westway is negotiating with a selected group of bidders to acquire its Westway Terminals business, to occur through the acquisition of Westway's public equity securities following, or concurrent with, the divestiture of Westway Feed Products and the European Terminals.
Francis Jenkins Jr., chairman of Westway, commented, "As part of Westway's strategic review process, we are exploring the sale of both Westway Feed Products and Westway Terminals via separate transactions. While we remain committed to both of these businesses, we believe exploring a sale at this time could best serve to maximize aggregate value for the company's stockholders, while providing each business with the ability to better realize its full growth potential under new ownership."
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by RTT Staff Writer
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