UPDATE 2-GM extends IPO deadline for employees, dealers

* Employees, retirees, dealers may buy GM stock at IPO

* Deadline to register electronically is Oct 22

* Total GM shares available, IPO price undetermined
(Adds details on GM IPO, meeting between GM CEO and Treasury
secretary, byline)

By Deepa Seetharaman and David Bailey

DETROIT, Oct 12 (BestGrowthStock) – General Motors Co [GM.UL] said
on Tuesday it has extended the deadline for a program that
allows employees and retirees to buy shares at the price of its
initial public offering, expected in November.

GM extended the registration deadline to Oct. 22, the
company said on Tuesday in a notice obtained by Reuters. Mailed
registrations must be postmarked by Oct. 19.

The stock purchase program also is open to the automaker’s
dealers in the United States and Canada.

The share purchase program covers U.S. and Canadian
employees, directors, retirees and dealers, according to the
notice.

The roll-out of the program had been reported, but it was
unclear if the share registration would be extended to GM
dealers.

GM emerged from a U.S. government-funded bankruptcy in July
2009 and plans an IPO that would allow the U.S. government to
begin reducing its nearly 61 percent stake in the automaker.
Canada holds 11.7 percent of GM’s common shares.

Mark Whibbs, a dealer at Vince Whibbs Pontiac-Buick-GMC Inc
in Pensacola, Florida, said he intends to buy GM stock.

“I think it’s a phenomenal opportunity,” Whibbs said. “With
… our product and the lean manufacturing team we have at GM,
we’re very excited about it.”

GM CEO Dan Akerson is scheduled to meet Tuesday afternoon
with U.S. Treasury Secretary Timothy Geithner in New York where
he is expected to provide an update on GM’s business and IPO.
[ID:nN12283844]

The lead underwriters are Morgan Stanley (MS.N: ) (Read more about the money market today. ), JPMorgan
(JPM.N: ), Bank of America Merrill Lynch (BAC.N: ) and Citigroup
Inc (C.N: ).

The size of the offering has not been determined, but
people involved in the process have said they expect a stock
sale of $10 billion or more including new preferred shares to
be issued by GM.

Morgan Stanley Smith Barney is administering the directed
stock purchase program. It is not clear what percentage of the
offering will be open to retail investors. Bankers involved in
the deal have sought sovereign wealth funds to act as
cornerstone investors in GM.

The number of shares that people may buy under the program
has not been determined, but the minimum investment is expected
to be more than $1,000, GM said in a notice to potential
individual investors.

GM has about 600,000 employees and retirees and 4,500 U.S.
dealerships in the United States and Canada.

GM spokesman Pete Ternes confirmed that the company sent a
letter to employees, retirees and dealers, but declined to
comment on its content.
(Additional reporting by Kevin Krolicki. Editing by Robert
MacMillan)

UPDATE 2-GM extends IPO deadline for employees, dealers