GM avoids fight with shareholders with $5B stock buyback

General Motors announced today it would buy back $5 billion of its shares, a move to avoid a potential battle with a group of shareholders about how the automaker uses its cash.

According to CNNMoney, shareholder Harry Wilson, a former hedge fund manager who helped GM restructure during its bankruptcy a few years ago, said he would no longer seek a board seat at the company as a result of the move by the company.

Shares rose 2 percent in premarket trading on the news.

Read more from CNNMoney.