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Con-way and General Motors Agree on Valuation for Vector SCM, LLC.
Vector's Value Set at $96.4 Million; Con-way to Receive Proceeds of $84.8 Million for Its Membership Interest
SAN MATEO, Calif., Dec. 11 /PRNewswire-FirstCall/ -- Con-way Inc. announced today that it has completed with General Motors Corp. the valuation of their logistics joint venture, Vector SCM, LLC (Vector), establishing a fair value for Vector of $96.4 million.
On June 23, 2006, GM notified Con-way of its intent to exercise its call right under the Vector agreements. The call right entitled GM to purchase from Con-way the membership interest in Vector held by Menlo Worldwide, LLC. Menlo Worldwide, LLC is Con-way's global contract logistics subsidiary.
Under the terms of the Vector agreements, each party initially engaged a financial advisor to develop a valuation for Vector. An independent third- party financial advisor then considered the initial valuations proposed by each company, and established a final valuation.
The valuation will result in Con-way receiving a purchase price of $84.8 million for Menlo's membership ...
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