General Motors files to sell 40M shares of common stock for holders
General Motors announced that the UAW Retiree Medical Benefits Trust intends to offer for sale 40M shares of GM common stock in an underwritten secondary offering. The Selling Stockholder will receive all of the proceeds from this offering. No shares are being sold by GM. In connection with the VEBA Trust's acquisition in 2009 of the shares of GM common stock subject to this offering, the U.S. Department of Labor required the VEBA Trust to appoint an independent fiduciary to make all decisions with respect to the disposition of such shares. Brock Fiduciary Services LLC is the independent fiduciary and investment manager to the VEBA Trust for these shares. GM also announced that, subject to the completion of the offering, it intends to repurchase from the underwriters a portion of the 40M shares of common stock being offered having an aggregate value of approximately $100M at a price per share equal to the price per share that the underwriters pay to the VEBA Trust in the offering. Citigroup and Barclays are acting as underwriters for the offering.