Spyker Drags Out The Misery; Makes New Saab Offer

Paul Niedermeyer
by Paul Niedermeyer

Can’t we just be done with this Saab story? Reuters reports that Spyker has submitted a new bid to GM for Saab. And GM has commented on it. You can choose to ignore this story, safe in the knowledge that the odds of this deal coming together are not likely any better than the last one, or you can make the jump and read the details:Spyker’s new offer submitted on Sunday apparently addresses each of the eleven issues that killed the last deal.

“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,” Spyker Cars Chief Executive Victor Muller said in a statement.

Spyker Cars said the new offer eliminates the need for a European Investment Bank (EIB) loan approval prior to year end, which would allow the deal to be concluded within GM’s deadline.

Muller added Spyker was confident the offer would remove the impasse and allow it to conclude the deal prior to the expiry of the deadline originally set by GM of December 31.

The renewed offer is valid until 5:00 p.m. EST on Monday December 21.

Did that just say the renewed offer was only good through tomorrow? That should improve its odds. GM isn’t exactly the paragon of fast decision making. But another web site does have a statement from GM, so at least they’re aware that there’s something in the mail:

“Following Friday’s announcement that GM will begin the orderly wind down of Saab, GM has received inquiries from several parties. We will evaluate each inquiry. We will not comment further until these evaluations have been completed.”

Stay tuned; or not.

Paul Niedermeyer
Paul Niedermeyer

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  • Jimal Jimal on Dec 20, 2009

    Where is Roger Penske in all of this?

    • Robert.Walter Robert.Walter on Dec 20, 2009

      Probably leaving well-enough alone! (And getting ready for a very merry, Saturn-less, Christmas!!)

  • Bocatrip Bocatrip on Dec 20, 2009

    For whatever this is worth, I just saw on the news today, this very discussion of Spyker in negotiation with GM. The media is making it look as if there is true hope for this bailout!

  • Ingvar Ingvar on Dec 20, 2009

    Spyker is kind of pissed because the Friday announcement made it look like the deal was off because of them. So, this is a double-dare to make GM show their cards. If the deal goes through, they end up with Saab. If the deal is nixed, again, then it's totally and fully GM:s responsibility.

  • Buickman Buickman on Dec 20, 2009

    they are scared to sell anything to Penske since he made them look so foolish with Detroit Diesel.