Pre-money vs. Post-money valuation

I am considering purchasing an ownership position in a small
manufacturing company and I would like to know how to value the
company based on the following:

a) Owner asking price: $1,000,000
b) Purchase 60% share: $600,000
c) Owner will pocket $300,000 and re-invest $300,000 as working
capital.

Based on this data, does the fact that the owner plans to 

1) take money out of the company change the valuation of the company?
2) re-invest money into the company change the valuation?

I'm confused.  Thanks for your help.

RDS