The investment firm of renegade shareholder Kirk Kerkorian plans to sell 14 million shares ofCorp., dropping the mogul’s holdings in the auto maker below 8%.
In a regulatory filing Wednesday, Kerkorian’s Tracinda Corp. says it will sell the common stock in a private transaction for $33 a share.
The filing with the Securities and Exchange Commission says the agreement was finalized Nov. 20, with the purchase to be settled Nov. 24.
Tracinda’s stake in the auto maker would drop to 7.4% as a result of the sale, down from 9.9%, The Wall Street Journal reports.
The move comes as no surprise, considering Kerkorian’s tension with GM’s board and management. Kerkorian adviser Jerry York quit the GM board on Oct. 6, soon after members nixed a proposed tie-up betweenMotor Co. Ltd. and SA – a move Kerkorian had pushed.