Transportation Industry
Con-way Inc. Completes Buyback
Transport Topics, May, 2006 by Anonymous
Transportation firm Conway Inc. said May 22 it completed a buyback of 3.75 million shares of its common stock for $221 million.
Con-way, the parent of less-than-truckload carrier Conway Freight and several other freight transportation companies, said the buyback was done through private transactions at an average share price of about $59.
Con-way, San Mateo, Calif., still has $179 million remaining under its recently announced $400 million share repurchase program, which expires at the end of the second quarter of 2007.
John Larkin and Dave Ross, transportation analysts with Stifel Nicolaus, said they expect the carrier to buy another $50 million in their own stock in each of the next three fiscal quarters.
Con-way, formerly known as CNF Inc., ranks No. 6 on...
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