DETROIT (AP) — GM says the United Auto Workers trust that pays for retired auto workers' health care will conduct a secondary public offering of all of its GM stock warrants on Tuesday.
The UAW trust is offering up to 45,454,545 warrants to purchase GM stock. Each warrant represents the right to buy one share of GM's common stock at an exercise price of $42.31 per share. The warrants expire Dec. 31, 2015.
Shares of General Motors Co. closed Monday at $36.75.
Bidding opens at $3.50 per warrant to a maximum of $7.50 per warrant. If all of the warrants are sold at the maximum bid, the offering would raise $340.9 million.
The offering won't change GM's ownership structure. The trust currently owns about 10 percent of the company, or 140 million shares.