Transaction|November 23, 2010
General Motors completes largest North American IPO in history
Torys acted as counsel to Canada GEN, one of the three selling shareholders participating in the initial public offering. The Torys team included Patrice Walch-Watson, Aaron Emes, Thomas Yeo and Andrew Prodanyk.
On November 23, 2010, the initial public offering of General Motors Company was completed, with 478 million common shares being sold at US$33 per share and US$4.35 billion in mandatory preferred shares being issued from GM treasury. Both share totals exclude the amount that the underwriters have the option to purchase to cover over-allotments, if any.
A record US$23.1 billion could be raised in this cross-border offering, the largest North American IPO in history, if the over-allotment options are exercised. GM's common shares are listed on the NYSE under the ticker GM and on the TSX under the ticker GMM.
Morgan Stanley and J.P. Morgan (representatives of the underwriters), BofA Merrill Lynch, Citi, Goldman, Sachs & Co., Barclays Capital, Credit Suisse, Deutsche Bank Securities and RBC Capital Markets are the joint book-running managers for the offering.
General Motors, founded in 1908 and headquartered in Detroit, Michigan, is one of the world's largest automakers. GM and its strategic partners produce cars and trucks in 31 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang, Opel, Vauxhall, and Wuling. GM filed for bankruptcy and received U.S. and Canadian government assistance last year. It acquired operations from General Motors Corporation on July 10, 2009.
Further information is found on GM's website, Bloomberg and Reuters.
A record US$23.1 billion could be raised in this cross-border offering, the largest North American IPO in history, if the over-allotment options are exercised. GM's common shares are listed on the NYSE under the ticker GM and on the TSX under the ticker GMM.
Morgan Stanley and J.P. Morgan (representatives of the underwriters), BofA Merrill Lynch, Citi, Goldman, Sachs & Co., Barclays Capital, Credit Suisse, Deutsche Bank Securities and RBC Capital Markets are the joint book-running managers for the offering.
General Motors, founded in 1908 and headquartered in Detroit, Michigan, is one of the world's largest automakers. GM and its strategic partners produce cars and trucks in 31 countries, and sell and service these vehicles through the following brands: Buick, Cadillac, Chevrolet, GMC, Daewoo, Holden, Isuzu, Jiefang, Opel, Vauxhall, and Wuling. GM filed for bankruptcy and received U.S. and Canadian government assistance last year. It acquired operations from General Motors Corporation on July 10, 2009.
Further information is found on GM's website, Bloomberg and Reuters.