GM says it is evaluating several last-gasp offers for Saab - including a dramatic late bid from Spyker.
Dutch supercar maker Spyker submitted an 11-point proposal on Sunday, giving GM until 5pm Eastern Standard Time (10pm UK time) on Monday 21 December to accept. GM had said on Friday that it had ended talks, and would begin closing Saab down.
Spyker CEO Victor R. Muller said the proposal to GM addressed each of the issues that arose during the due diligence process. He added that the renewed offer would remove each of the obstacles that were standing in the way of a swift transaction.
“We have made every effort to resolve the issues that were preventing the conclusion of this matter and we have asked GM and all other involved parties to seriously consider this offer,” said Muller.
“We are very confident that our renewed offer will remove the impasse that was standing in the way of an agreement on Friday, and this would still allow us to conclude the deal prior to the expiry of the deadline originally set by GM of 31 December.
“Despite our collective eleventh hour set-back, we are returning to the table with a renewed offer, that addresses every known issue brought to light during the initial negotiations and that has the full backing of the Saab management.
"The new offer eliminates the need for an EIB loan approval prior to year end, for example, which will allow the deal to be concluded within GM’s deadline.
"Our efforts are based on our passion for saving an iconic brand that we would be honoured to shepherd, and the jobs and livelihoods of thousands of loyal Saab employees, suppliers and dealers around the world."
Sweden's unions have urged GM to consider the new offer, with If Metall chairman Stefan Loefven saying: " I understand the frustration felt by everyone who is dependent on Saab, to be thrown between hope and despair is terrible. GM must now respond with a serious examination of the new bid."
Thanks to: Autocar