12:28 PM
GM extends IPO deadline for employees, dealers
Addison Ray
DETROIT | Tue Oct 12, 2010 1:39pm EDT
DETROIT (Reuters) - General Motors Co GM.UL said on Tuesday it has extended the deadline for a program that allows employees and retirees to buy shares at the price of its initial public offering, expected in November.
GM extended the registration deadline to October 22, the company said on Tuesday in a notice obtained by Reuters. Mailed registrations must be postmarked by October 19.
The stock purchase program also is open to the automaker's dealers in the United States and Canada.
The share purchase program covers U.S. and Canadian employees, directors, retirees and dealers, according to the notice.
The roll-out of the program had been reported, but it was unclear if the share registration would be extended to GM dealers.
GM emerged from a government-funded bankruptcy in July 2009 and plans an IPO that would allow the government to begin reducing its nearly 61 percent stake in the automaker. Canada holds 11.7 percent of GM's common shares.
Mark Whibbs, a dealer at Vince Whibbs Pontiac-Buick-GMC Inc in Pensacola, Florida, said he intends to buy GM stock.
"I think it's a phenomenal opportunity," Whibbs said. "With ... our product and the lean manufacturing team we have at GM, we're very excited about it."
The total number of shares that people may buy under the program has not been determined, but the minimum investment is expected to be more than $1,000, GM said in a notice to potential individual investors.
GM has about 600,000 employees and retirees and 4,500 dealerships in the United States and Canada.
GM spokesman Pete Ternes confirmed that the company sent a letter to employees, retirees and dealers, but declined to comment on its content.
(Reporting by Deepa Seetharaman and Kevin Krolicki. Writing by David Bailey. Editing by Robert MacMillan)
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