GM offers stock deal to employees, retirees, dealers

[Bozita]

Source: Detroit News

Last Updated: October 12. 2010 1:27PM
GM offers stock deal to employees, retirees, dealers
Christina Rogers / The Detroit News


General Motors Co. said today it will allow some 600,000 employees and retirees, plus dealers, to buy stock at the opening initial offering price.

According to a letter sent those people today, the minimum investment will be $1,000 each.

GM is putting up the shares as part of a direct share program, administered by Morgan Stanley. To participate, prospective shareholders must purchase GM stock within four business days of the stock’s pricing. The program gives GM workers, retirees and dealers who aren’t part of a brokerage a shot at buying a chuck of stock during the initial public offering, at its initial price.

-snip-

To be eligible, buyers must register by mail by Oct. 19, or online by Oct. 22. Those who don’t register will be unable to buy shares at the guaranteed IPO price.

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Read more: http://www.detnews.com/article/20101012/AUTO01/10120408/1148/GM-offers-stock-deal-to-employees--retirees--dealers#ixzz12Av21H3Z

[cbdo2007]

1. Or they could wait a month and buy it for 10% below IPO price.

hahaha, j/k. I don't really know if it will go down, but this IPO is going to be getting a lot of press so I wouldn't be surprised if the price is inflated right off the bat.

[Recursion]

4. Zing

But I think the IPO is going to start lower than the market will take it to

[greiner3]

2. My brother is an engineer with the company;

Too bad I don't have $10 much less the minimum amount. I'd like to have him invest in some of GM's stock for me.

[davidwparker]

3. this is so much better than going out of business n/t

[Toots]

5. I thought we owned 60% of GM so why are we not selling stock instead?

We need to try and get some of our money back if at all possible, unless someone thinks we should actually own the Auto industry..