On Friday, General Motors announced that the underwriters have exercised in full their over-allotment options to purchase an additional 71.7 million shares of common stock from the selling stockholders, for a total of $2.37 billion, and an additional 13 million shares of mandatory convertible junior preferred stock from the company, for a total of $650 million.
“The exercise of the over-allotment options brings the total offering size to $23.1 billion,” GM said in a statement.
The deal’s underwriters included investment banks Morgan Stanley, J.P. Morgan Chase & Co., Bank of America Merrill Lynch and Citigroup.
The sale of the additional shares ended up allowing the U.S. government to sell an another 54 million shares of stock it owned, getting back another $1.8 billion.
– By: Omar Rana