DirecTV Group Inc. will buy 100 million shares of its common stock, at $15.50 apiece in cash, from General Motors Corp.'s employee-benefit plans.
The purchase -- from the General Motors Special Hourly Employees Pension Trust, the General Motors Special Salaried Employees Pension Trust and the Sub-Trust of the General Motors Welfare Benefit Trust -- is expected to be completed March 3, the direct-broadcast satellite company said.
After its completion, GM's employee-benefit plans will hold approximately 115 million shares of DirecTV common stock, representing less than 10% of the company's outstanding shares.
http://www.multichannel.com/article/CA6311447.html?display=Breaking+News&referral=SUPP&nid=2226
The purchase -- from the General Motors Special Hourly Employees Pension Trust, the General Motors Special Salaried Employees Pension Trust and the Sub-Trust of the General Motors Welfare Benefit Trust -- is expected to be completed March 3, the direct-broadcast satellite company said.
After its completion, GM's employee-benefit plans will hold approximately 115 million shares of DirecTV common stock, representing less than 10% of the company's outstanding shares.
http://www.multichannel.com/article/CA6311447.html?display=Breaking+News&referral=SUPP&nid=2226
