GM workers, retirees given opportunity to buy shares

10/12/2010

DETROIT - General Motors Co. employees, retirees, and car dealers will get a chance to invest in their company when the automaker's stock is sold to the public.

GM sent letters to workers and dealers in the U.S. and Canada on Oct. 5 giving them the opportunity to buy shares when the initial public offering takes place. The deadline is Oct. 22.

Employees and dealers can buy the stock at its offering price, which has not been set. A government watchdog's estimate is $133 per share. Participants must invest more than $1,000 to buy stock, but the minimum and maximum number of shares is being determined.

The automaker is planning to hold the IPO in mid-November, but no firm date has been set.