If you are interested in investing in the financial future of General Motors, your time has come. GM announced today that it has commenced a public offering consisting of 365 million shares of common stock. The estimated price range for the offering of common stock is $26.00 to $29.00 per share. GM is also offering 60 million shares of its Series B mandatory convertible junior preferred stock with a liquidation amount of $50 per share. Sales of the shares are expected to begin November 18.
Reaction to this post election day announcement has been mixed, with Edmunds of course weighing in. "It would have been more advantageous had GM had logged more solid quarterly earnings like this one before it went public, but there's a push by GM and from other places -- including the federal government -- to have GM go public and get the government out of its business," said Edmunds.com Senior Analyst Michelle Krebs.
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