Spyker renews Saab bid
TT/The Local · 20 Dec 2009, 14:17
Published: 20 Dec 2009 14:17 GMT+01:00
- Saab closure sad but expected: Swedish media (20 Dec 09)
- No deal with Spyker due to Russian owner (19 Dec 09)
- Saab: 60 years of love, debt and tears (18 Dec 09)
Spyker claims its new proposal removes the obstacles to a deal encountered by General Motors as it revealed it would no be able to perform due diligence on the bidder before the end-of-year deadline seat by the US automotive firm's board.
"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 Spyker CEO Victor R Muller in a statement.
"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 December 31st", he added.
Spyker said its offer would remain valid until Monday at 5pm Eastern Standard Time -- 11pm on Monday in Sweden.
"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," said Muller.
"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," he added.
General Motors has yet to comment on the new bid.