GM employees, retirees and dealers get shot at stock offering

General Motors announced today that it will allow around 600,000 employees and retirees along with dealers the chance to buy stock at the opening initial offering price. The letter, which was sent out today, said that the minimum investment will be around $1,000.

The shares are being put up as a part of a direct share program administered by Morgan Stanley and to participate, shareholders must purchased the stock within four business days of the stock”s pricing.

The IPO is expected later this year around November.  The letter sent to employees, retirees and dealers did not state how many shares each can purchase. To be eligible for purchase, buyers must register by Oct. 19, or online by Oct. 22. Those who miss the dates will not be able to buy shares at the guaranteed IPO price.

– By: Stephen Calgoera

Source: Detroit News