Jenner & Block

Firm Represents GM in $1.7 Billion Public Secondary Sale of Common Stock by the U.S. Treasury and a VEBA Trust

Jenner & Block recently represented General Motors in a $1.7 billion underwritten secondary offering of GM common stock by the U.S. Department of the Treasury and the UAW Retiree Medical Benefits Trust (VEBA).  In the offering, the U.S. Treasury sold 30 million shares of GM common stock and received proceeds of approximately $1.03 billion, and the VEBA sold 20 million shares of GM common stock and received proceeds of approximately $688 million.  The offering priced on June 6, 2013 and was completed on June 12, 2013, with the timing of the pricing coinciding with the addition of GM to the S&P 500®index.

This highly publicized transaction was covered in many media outlets, including the New York Times, Bloomberg, USA Today and the Wall Street Journal (article available to subscribers).

The Jenner & Block team representing GM was led by partner Joseph P. Gromacki, chair of the Firmwide Corporate Practice, and included corporate Partners William L. Tolbert, Jr., Brian R. Boch, Jeffrey R. Shuman, Elaine Wolff and Geoffrey M. Davis; Associates Ian N. Bushner, Christopher J. Fisher, Chad T. Nicholson and Alexandra E. Dowling; and Summer Associate Kyle Shires.