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HEADLINE NEWS
 
GM's 1st quarter key to stock sale 07/25/2014
Category: General News
Publisher: Bloomberg News
Author: David Welch and Rebecca Christie

GM has dropped 19 percent this year in New York trading and 9.3  percent from its initial public offering price. While the Treasury may be willing to take a loss on the shares, which early last week were  trading at nearly $30, the Obama administration is looking for a price  that is at least in the range of the $33 IPO price, the person said.  The government would need to sell the shares at about $53 apiece to  break even on the investment.

The Treasury may file to sell shares with a traditional S-1 filing  after a lockup period expires May 22. The Securities and Exchange  Commission would then review the offering like an IPO, which would  delay the actual sale until June, the person said.

If the department waits until July 1, the government would be able to  sell the shares with a less-thorough review and could get the offering  started more quickly. In that case, the Treasury Department likely  would wait until GM reports second-quarter earnings before selling  more stock, delaying the sale until August, the person said.

The Treasury may make a third offering of shares in November or December and doesn't need to sell all of the shares this year, the  person said.

The Treasury sold shares equal to a 28 percent stake during the IPO.

 

 


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