GM countered comments made by chairman Ed Whitacre
By Andrew, 18 Oct, 2010. 0 Comments
Ed Whitacre
As you may know already, last week, chairman Ed Whitacre said in an interview that GM shares are likely to be priced between $20 and $25 in the initial public offering (IPO) in November. It appears that this interview wasn’t well received by the other GM officials, as the manufacturer released an official statement today, saying that the price range for the offering has "not yet been determined".
Furthermore, sources confirmed the fact that General Motors is on course to move ahead with its initial public offering during the week of Nov. 15. GM also said today that it cannot predict “whether the offering, if completed, will be successful or whether it will work”.
We might take a guess here and say that the numbers given by Whitacre, including the date, are true, but GM doesn’t want to reveal anything yet. "The Company cannot predict whether the Offering, if completed, will be successful or whether it will work. In addition, the Company cannot predict whether the Offering will occur in November," the Securities and Exchange Commission filing states. [via The Detroit News]
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