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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 / 8 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 - Further company coverage:

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