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Doug Kass: Goldman Sachs Is Helping General Motors With A New Secondary Offering

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Doug Kass: Goldman Sachs Is Helping General Motors With A New Secondary Offering

UPDATE: Canada GEN Investment Corp. has confirmed in a press release the sale of ~73.389M shares of GM. The fund says the sale will be completed April 10, 2015.

General Motors Company (NYSE: GM) shares rose nearly 80 cents in after-hours trading on Monday after RealMoney Pro contributor Doug Kass tweeted about a new secondary offering.

"Goldman is putting together a 74 milllion share secondary in $GM right now," he wrote on the social media platform.

In an email to Benzinga, Kass explained the story a bit further:

"Goldman Sachs is placing 74 million shares of General Motors in a secondary offering this evening. This block cleans up the Canadian General Investment Corp. Off a $36.66 close, the books are building between $35.80 and $36.00."

After spiking, GM shares have since fallen back under $36.20 a share.

Posted-In: Doug KassNews Rumors Offerings Crowdsourcing General Best of Benzinga

 

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