GM Offering Stock to Former, Current Employees

By: Associated Press
By: Associated Press

General Motors is offering its employees, retirees and car dealers a chance to buy shares in its initial public stock offering.

The automaker sent the offer letter to dealers and employees on Oct. 5. They have until Oct. 22 to sign up through a web site. GM is planning to hold the IPO in mid-November.

The letter does not state the price of each share or a sale date. It says individual workers, retirees and dealers must invest more than $1,000 to participate. The minimum and maximum number of shares a person can buy is being determined.

The government gave GM $50 billion to get through bankruptcy and got a 61 percent equity stake in return. The government hopes to get its money back by selling shares in the IPO.

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  • by david Location: charlotte on Oct 12, 2010 at 06:20 PM
    hey dont i all ready own gm didnt they get my tax money and havnt payed it back yet i think that instead of selling their stock that they should give me what they owe me and my kids and my kids kids and well you know
  • by Ricardo Location: Lansing on Oct 12, 2010 at 12:43 PM
    This is too funny. Who in their right mind would commit to a stock with a undetermined price in advance? I saw an article a few days back that rated GM as a junk grade investment. They will probably price it around 100 dollars per share, then see it drop like a rock to 5-10 bucks a share if that. I think I'll pass on this one. I have seen way too many IPO's (Initial Public Offerings) that are way out of line pricewise, fall on their face and the investors lose their shirts. Thanks, but no thanks GM! Thank you. Ricardo
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