Paul, Weiss is an acknowledged leader among U.S. law firms representing Canadian public and private companies and their underwriters. With almost 50 years of history in Canada and an office in Toronto, our vibrant Canada practice is the largest among U.S. law firms and reflects our long-standing commitment to our clients in their Canadian–U.S. cross-border matters.
Government of Canada Navigates GM IPO
Practices
GM emerged from chapter 11 reorganization in July 2009; in November 2010 its initial public offering was much anticipated and viewed as a milestone for the post-crisis economy.
The IPO was of interest not only to the investing public but to the U.S. and Canadian governments which had become significant stockholders in GM upon its emergence. Canada's shares in GM are owned by the Canada Development Investment Corporation (CDIC), a Canadian Crown corporation that, prior to the IPO, owned 11.7 percent of GM.
The Paul, Weiss team helped steer CDIC through the offering process of this highly public IPO. The IPO was a success - the largest stock offering in North American history. Selling stockholders, including CDIC, received $33 per share, the top end of the proposed price range, and CDIC reduced its ownership of GM to just over nine percent.
The Paul, Weiss team representing Canada GEN was led by corporate partner Ted Maynard, and included corporate partners Matthew Abbott and Andrew Foley, and tax partner David Sicular. Morgan Stanley and J.P. Morgan acted as lead underwriters in the offering.