Private equity investor EQT said it would purchase bulk liquid storage provider Westway Group Inc for about $419 million, a year after the company spurned a similar takeover bid. Westway has also agreed to sell its liquid feed supplement business and certain bulk liquid storage terminals to an affiliate of ED&F Man Holdings Limited, the company's largest stockholder, for about $115 million.Last year, Westway Group rejected a $6 per share buyout offer from an infrastructure investment fund saying the offer undervalued its main business.The company's main unit, Westway Terminals business, provides bulk liquid storage for agricultural products, oils, and chemicals, in North America, Asia and Europe.EQT is a private equity group in Northern Europe with over 19 billion euros ($25 billion)in raised capital.
Westway Group, Inc., through its wholly owned subsidiaries, is a provider of bulk liquid storage and related services, and a manufacturer and distributor of liquid animal feed supplements. Shares of WWAY remained unchanged at $6.08. In the past year, the shares have traded as low as $5.10 and as high as $7.00. On average, 35506 shares of WWAY exchange hands on a given day and today's volume is recorded at 0.
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