Reuters logo
5 个月前
BRIEF-GM rejects Greenlight Capital's proposal for change to co's capital structure
2017年3月28日 / 下午3点42分 / 5 个月前

BRIEF-GM rejects Greenlight Capital's proposal for change to co's capital structure

March 28 (Reuters) - General Motors Co :

* GM statement regarding shareholder proposal and slate from Greenlight Capital

* Says expects to return approximately $7 billion in cash to shareholders in 2017

* Confirmed board and management have analyzed and rejected non-binding proposal that Greenlight Capital intends to submit for vote

* Has "unanimously determined not to recommend any of Greenlight’s nominees for election to the board"

* Says Greenlight's proposal relates to eliminating dividend on existing GM common stock and distributing unprecedented new dividend-focused security

* Greenlight's proposal to eliminate co's common dividend to fund separate dividend "is not in best interests of shareholders"

* GM says "for seven months, we’ve extensively reviewed the proposed dual-class structure, as well as other capital allocation strategies"

* Concluded that continuing to execute strategy & adhering to current "capital allocation framework is the best path to deliver increased value"

* GM says Greenlight has also nominated a slate of four candidates for election to GM’s board of directors Source text - bit.ly/2o7jk2M Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below