|Shares Out. (in M):||63||P/E||NM||NA|
|Market Cap (in $M):||327||P/FCF||13.3x||NA|
|Net Debt (in $M):||81||EBIT||19||19|
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In conclusion, WWAY is a compelling long because it has the combination of 1) Attractive Entry Point due to Knott Partners Distribution and forced selling subsequently. One can observe a similar dislocation in RLOG, another stock in which Knott distributed shares subject to a redemption on the same day as they distributed their WWAY shares. 2) Probability of Success as signaled by recent CEO option activity 3) Valuation as discussed above
Imminent completion of strategic review process, most recent WWAY disclosure quoted below describes a very mature process -
On June 13, 2012, we announced that the Company entered into final negotiations to sell Westway Feed Products and certain bulk liquid storage terminals located in Dublin, Ireland; Esbjerg, Denmark; and Liverpool, Hull and Grangemouth, United Kingdom (the “European Terminals”) to an affiliate of ED&F Man. The proposed transaction remains subject to, among other things, execution of a binding purchase agreement, a shared services agreement, regulatory clearances and the sale to a third party of Westway Terminals.
On August 2, 2012, we announced that the Company entered into final negotiations with a selected group of bidders to possibly acquire our Westway Terminals business. On August 2, 2012, we also announced the postponement of our annual meeting of stockholders, originally scheduled for August 6, 2012, to allow the Special Committee and our Board of Directors additional time to complete the evaluation of strategic alternatives available to the Company. The Board has not yet set a new date for the annual meeting. The Board has further decided that, until the conclusion of the Special Committee’s strategic evaluation process, consideration of matters affecting the capitalization of the Company, including the declaration of any dividends, will be deferred.
In addition, we are currently negotiating with a selected group of bidders to possibly acquire our Westway Terminals business, which would occur through the acquisition of Westway Group, Inc.’s public equity securities following, or concurrent with, the sale of Westway Feed Products and the European Terminals.
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