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.
"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.
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