As Lyft Inc cruises toward an initial public offering this month, one of the big...
DETROIT - As Lyft Inc cruises toward an initial public offering this month, one of the big winners will be General Motors Co, whose stake in the ride-hailing firm could be worth as much as $1.27 billion.
Some believe the No. 1 U.S. automaker should hold on to it for strategic reasons, while others want the money returned to shareholders through buybacks or a special dividend. With a 180-day lock-up period during which GM cannot sell and the expected April IPO of larger rival Uber Technologies Inc further stoking interest in the ride-hailing sector, the value could subsequently rise.
“If I want to buy Lyft, I’ll go do it myself,” said Scott Schermerhorn, managing principal with Granite Investment Advisors, which owns more than 210,000 GM shares. “Take the proceeds and invest it in something that’s core to their business or give it back to shareholders.” An electric scooter from the ride sharing company Lyft is shown on a downtown sidewalk in San Diego, California, U.S., March 15, 2019. REUTERS/Mike Blake
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