DETROIT, Feb. 27, 2018 /PRNewswire/ -- General Motors
Co. (NYSE: GM) today announced that the UAW Retiree Medical
Benefits Trust (the "Selling Stockholder" or "the VEBA Trust")
intends to offer for sale 40 million 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 40 million shares of common stock being offered having an
aggregate value of approximately $100
million 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. The underwriters may offer the shares of common stock,
excluding the shares to be repurchased by GM, from time to time in
one or more transactions on the NYSE, on the over-the-counter
market, through negotiated transactions or otherwise, at market
prices, at prices related to market prices or at negotiated
prices.
Additional Information for Investors
GM has filed a
registration statement (including a prospectus) with the U.S.
Securities and Exchange Commission ("SEC") for the offering to
which this communication relates. Before investing, please
read the prospectus in that registration statement and other
documents GM has filed with the SEC for more complete information
about GM and this offering. Prospective investors may get
these documents for free by visiting EDGAR on the SEC Web site at
www.sec.gov. Alternatively, GM, any underwriter or any dealer
participating in the offering will arrange to send any prospective
investor the prospectus if the prospective investor requests it by
contacting Citigroup, c/o Broadridge Financial Solutions, 1155 Long
Island Avenue, Edgewood, NY 11717
or by phone at (800) 831-9146 and Barclays Capital Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, New York 11717;
barclaysprospectus@broadridge.com (phone 888-603-5847).
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy any securities, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
General Motors Co. (NYSE:GM) has leadership positions in
the world's largest and fastest-growing automotive markets. GM, its
subsidiaries and joint venture entities sell vehicles under the
Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang and Wuling
brands.
Forward-Looking Statements
This press release and
related comments by management may include forward-looking
statements, including our intention to repurchase shares of common
stock from the underwriters, subject to completion of the offering.
These statements are based on current expectations about possible
future events and thus are inherently uncertain. Our actual results
may differ materially from forward-looking statements due to a
variety of factors, including: (1) our ability to deliver new
products, services and experiences that attract new, and are
desired by existing, customers and to effectively compete in
autonomous, ride-sharing and transportation as a service; (2) sales
of crossovers, SUVs and full-size pick-up trucks; (3) our ability
to reduce the costs associated with the manufacture and sale of
electric vehicles; (4) the volatility of global sales and
operations; (5) our significant business in China which subjects us to unique risks; (6)
our joint ventures, which we cannot operate solely for our benefit
and over which we may have limited control; (7) adoption of,
changes in, or the introduction of novel interpretations of, laws,
regulations or policies particularly those relating to free trade
agreements, tax rates and vehicle safety and any government actions
that may affect the production, licensing, distribution, pricing,
or selling of our products; (8) our dependence on our manufacturing
facilities; (9) the ability of suppliers to deliver parts, systems
and components without disruption and on schedule; (10) prices of
raw materials; (11) our highly competitive industry; (12) our
ability to protect our intellectual property; (13) security
breaches and other disruptions to our vehicles, information
technology networks and systems; (14) compliance with laws and
regulations applicable to our industry, including those regarding
fuel economy and emissions; (15) costs and risks associated with
litigation and government investigations; (16) compliance with the
terms of the Deferred Prosecution Agreement; (17) the cost and
effect on our reputation of product safety recalls and alleged
defects in products and services; (18) our ability to successfully
and cost-efficiently restructure operations in various countries
with minimal disruption; (19) our ability to realize production
efficiencies and to achieve reductions in costs; (20) our ability
to develop captive financing capability through GM Financial; and
(21) significant increases in pension expense or projected pension
contributions. A further list and description of these risks,
uncertainties and other factors can be found in our Annual Report
on Form 10-K for the fiscal year ended December 31, 2017, and our subsequent filings
with the Securities and Exchange Commission. GM cautions readers
not to place undue reliance on forward-looking statements. GM
undertakes no obligation to update publicly or otherwise revise any
forward-looking statements.
View original
content:http://www.prnewswire.com/news-releases/general-motors-announces-public-secondary-offering-of-common-stock-by-the-veba-trust-300605358.html
SOURCE General Motors