David Einhorn

GM shareholders reject proposal to split stock in 2

General Motors shareholders have overwhelmingly turned down an activist shareholder's plan to split the company's stock into two classes.

Only about 9 percent of the stockholders voted for the plan from David Einhorn's Greenlight Capital hedge fund in a preliminary vote count. They also re-elected all 11 GM board members, rejecting the three candidates backed by Greenlight.

Einhorn proposed splitting the stock into capital appreciation and dividend classes. He says the plan would unlock the stock's value. GM shares have appreciated only about 4 percent since the company returned to the public markets in November of 2010 after bankruptcy. During the same period, the...

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