DETROIT -- American Axle CEO Richard Dauch plans to sell 2.5 million shares of his company stock -- about a quarter of his holdings and 3 percent of outstanding shares -- for roughly $30 million, less than a year after the supplier won a bailout from General Motors to avoid bankruptcy.
The sale would bring Dauch about $30 million.
In September the company closed a deal with GM -- which accounts for 80 percent of American Axle's sales -- that gave the supplier $110 million in cash, a $100 million line of credit and 10-day payment terms in exchange for allowing GM to buy up to 20 percent of American Axle stock.
The stock closed last week at $10.55. Last summer, before the GM bailout plan, it traded at $1.13.