GM Sets Aside 5% Of IPO For Employees, Dealers

By: Associated Press
By: Associated Press

DETROIT -- Five percent of General Motors' common shares are being set aside for employees and dealers to buy in the company's initial stock sale.
GM disclosed the amount Thursday in a filing with the U.S. Securities and Exchange Commission. GM says it asked investment bankers running the initial public offering to reserve the shares for U.S. and Canadian employees, retirees and dealers.
The initial sale of GM's stock is expected to take place in November. A date and price at which shares will be sold have not been set officially. GM Chairman Ed Whitacre thinks GM's stock will be priced at between $20 and $25 a share.
Employees and dealers have until Oct. 22 to sign up to buy the shares at the IPO's initial price. They must invest at least $1,000.

You must be logged in to post comments.

Password (case sensitive):
Remember Me:

Read Comments

Comments are posted from viewers like you and do not always reflect the views of this station.
  • by Sid Location: Lansing on Oct 15, 2010 at 04:50 AM
    Yes sir I'll run down and buy some of the stock after I get my pay cut... NOT
WILX 500 American Road Lansing, MI 48911 517-393-0110
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 104955449 -
Gray Television, Inc.