GM unlikely to accept new Spyker bid: report

GM unlikely to accept new Spyker bid: report
Although it has extended the deadline to close the deal for Saab until January 7th, American automaker General Motors (GM) is reportedly poised to reject two revised bids for its Swedish car brand, according to Bloomberg News.

Swedish financial daily Dagens Industri (DI) cited a Bloomberg report indicating that GM was not likely accept either the renewed offer from Dutch luxury car brand Spyker or a new bid from American banking group Merbanco, which has reportedly brought in Swedish investors.

Merbanco CEO Christoffer Johnston visited the Saab factory in Trollhättan over the summer and Merbanco was among the three prospective buyers which made it to the final round of consideration by the GM board.

Bloomberg reported that a source close to the negotiations, who asked not to be identified due to the private nature of the discussions, said that GM will review bids until the January 7 deadline, when it will officially begin winding down its Swedish business.

The source claimed that GM has yet to receive a bid that has financing secured and will proceed with selling individual assets.

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