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UAW Trust to Sell GM Warrants
The United Auto Workers union's retiree healthcare trust plans to sell its entire holding of 45.5 million General Motors Co. stock warrants on Tuesday, according to the company.
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The United Auto Workers union's retiree healthcare trust plans to sell its entire holding of 45.5 million General Motors Co. stock warrants on Tuesday, according to the company.
Each warrant represents the right to buy one share of GM common stock for $42.31. The company's shares closed at $36.75 on Monday.
Deutsche Bank Securities Inc. is conducting the sale, which will offer the warrants for prices between $3.50 and $7.50 each. At the maximum price, the securities would fetch nearly $341 million for the trust. GM will not receive any proceeds from the offering.
The healthcare trust also owns 140 million shares of GM common stock, a 10.1% stake.
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