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Con-way and General Motors Agree on Valuation for Vector SCM, LLC.

PR Newswire

| December 11, 2006 | COPYRIGHT 2006 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

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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