USA: General Motors Receives Notice That Icahn Intends to Purchase Its Stock
General Motors (NYSE: GM, GMH) today said that it received notice on August 16 from Carl Icahn that he intends to acquire more than $15 million worth, but less than 15 percent, of GM $1-2/3 common stock subject to clearance under the Hart Scott Rodino Anti-trust Improvements Act. In order to ensure GM satisfies its disclosure obligations under federal securities laws, General Motors decided to make today's announcement in order to provide this information to public stockholders as GM continues its previously announced $1.4 billion share repurchase program. GM had commenced this repurchase of GM $1-2/3 common stock in order to partially offset the issuance of stock to Fiat in connection with the strategic relationship recently established between the two companies.
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