Reuters first as GM Chairman breaks quiet period on IPO pricing

On-the-record details about General Motors’ initial public offering have been scarce as the U.S. automaker is in a quiet period imposed by the Securities and Exchange Commission ahead of the share issue. Reuters was first on the scene when GM Chairman Ed Whitacre broke the silence on Oct 13, predicting a successful November IPO that would price shares in the $20 to $25 range. While that range was in line with what people close to the deal have predicted, the unusually direct comments prompted an immediate controversy. The Reuters report was picked up by CNBC, Dow Jones, the Wall Street Journal, the New York Times and Automotive News. It was matched by the AP four hours later, after the wire service found that a Texas TV station had recorded audio of the remarks. Two days later, GM was forced to file a statement with the SEC saying that Whitacre`s comments did not reflect the position of the company.