SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report
(Date of earliest event reported) April 3, 2001
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GENERAL MOTORS CORPORATION
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(Exact name of registrant as specified in its charter)
STATE OF DELAWARE 1-143 38-0572515
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(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
300 Renaissance Center, Detroit, Michigan 48265-3000
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (313)-556-5000
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On April 18, 2001, General Motors Corporation's (GM) subsidiary Hughes
Electronics Corporation (Hughes) filed a Form 8-K, dated April 3, 2001, related
to their acquisition of nationwide residential Digital Subscriber Line ("DSL")
service provider Telocity Delaware, Inc. The following describes this
acquisition:
Item 5. OTHER ITEMS.
On April 3, 2001, Hughes Electronics Corporation ("Hughes"), a wholly owned
subsidiary of General Motors Corporation, acquired nationwide residential
Digital Subscriber Line ("DSL") service provider Telocity Delaware, Inc.
("Telocity") through the completion of a tender offer and merger. These
transactions were pursuant to the Agreement and Plan of Merger dated December
21, 2000 between Hughes, Telocity, and DIRECTV Broadband, Inc., a wholly owned
subsidiary of Hughes. DIRECTV Broadband, Inc. paid $2.15 in cash for each of the
approximately 77.8 million tendered shares. The remaining approximately 4.9
million issued and outstanding shares of Telocity were converted into the right
to receive $2.15 per share in cash as a result of the merger (subject to certain
shareholders' appraisal rights under Delaware law). The purchase price consisted
of approximately $177.8 million in cash, and an additional $20 million of
interim financing provided by Hughes.
Refer to Hughes Form 8-K dated April 3, 2001 and filed with the SEC on April
18, 2001 for further information related to this transaction.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MOTORS CORPORATION
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(Registrant)
Date April 18, 2001
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By
s/Peter R. Bible
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(Peter R. Bible,
Chief Accounting Officer)
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