News 263 views last update:6 Aug 2012

Combination of Westway Bulk Liquid Storage approved

Stockholders of Shermen WSC Acquisition Corp., New York, a special-purpose acquisition company approved Shermen's proposed acquisition of the Westway bulk liquid storage and liquid animal supplement businesses of ED&F Man Holdings Limited.

Shermen is a "blank check" company organized under the laws of the State of Delaware for the purpose of acquiring  an operating business in the agriculture industry. In 2007, Shermen through its initial public offering raised, net of fees and expenses, approximately $131.5 million including $3.65 million in a private placement of warrants that were deposited into a trust account.

Shermen has dedicated its time since the initial public offering to seeking and evaluating business combination opportunities. Originally established in London in 1783, ED&F Man is a leading global supplier of a broad range of commodity products, including sugar, molasses, animal feed, tropical oils, biofuels and coffee to multi-national and industrial consumers.

ED&F Man provides a comprehensive range of supply chain services in its chosen commodities, from production, sourcing, storage and delivery to risk management and financial services. ED&F Man is an employee-owned company, with approximately 4,900 employees operating in 59 countries.

In its last fiscal year through October 31, 2008, ED&F Man reported revenues of approximately $9.3 billion and total assets of approximately $3.4 billion.

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