GM Shows Strength, Buys AmeriCredit (ACF)

Beleaguered automaker General Motors has acquired Americredit ACF for $24.50 a share. This was done to meet customer demand for leasing and non-prime financing for GM vehicles, General Motors and AmeriCredit Corp. announced. One of the nation's leading independent auto finance companies, Americredit was acquired for approximately $3.5 billion, all cash. GM is expected to come back to market via an IPO soon and expects to file in mid August.