KKR puts $13 billion on the table for GMAC

GMAC, General Motors’ financing arm, evidently has some suitors seeking a majority stake in the unit. Kohlberg Kravis Roberts& Co. is the front-runner in dollars — that’s $12.5 to $13 billion — but the terms of the agreement are that it’s non-binding, and the investment group can back out if it chooses. That leaves Cerberus Capital Management LP in a better position, even though it offered up less money. Regardless, GM may reject both deals.

By Erin Mays
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GMAC, General Motors’
financing arm, evidently has some suitors seeking a majority stake in the unit. Kohlberg Kravis Roberts & Co. is
the front-runner in dollars — that’s $12.5 to $13 billion — but the terms of the agreement are that it’s
non-binding, and the investment group can back out if it chooses. That leaves Cerberus Capital Management LP in a better position, even though it offered up less money. Regardless,
GM may reject both deals.

[Source: Bloomberg]