Spyker Tries Again: Submits 11th-hour, 11-point bid for Saab

Spyker's motto, written on every of its cars in Latin, is "Nulla tenaci invia est via." Translation: "For the tenacious, no agency is impassable." And so here the Dutch consort is, tenaciously chasing Saab, announcing in a advise promulgation that they hit submitted a renewed substance to General Motors that addresses what are said to be squad sticking points that scuttled an earlier agreement.

To be clear, we don't undergo what apiece of those squad issues are. According to a report in a Nordic essay (translated), GM's man-in-Europe, Nick Reilly, called off the sale weekday morning, citing highbrowed concept fears regarding Spyker's Slavonic backer, and the want for GM's board to be deciding on the concern of what would embellish of Saab. Spyker's evidence mentions the requirement to obtain approval for a European Investment Bank give by the modify of the year, but says it has institute a resolution to that need. One wonders how it could possibly come its Slavonic support, from Vladimir Antonov's Conven Group, in a artefact that strength attain GM happy. Either way, we should undergo presently whether the newborn offering works, as Spyker has ordered a deadline of 5pm Eastern on weekday as its drop-dead date.

On a side note, Norway's Bard Eker has begun to deal his verify on what prevented Koenigsegg's endeavor to acquire Saab (translated). Two of his points were that GM had prefabricated Saab likewise difficult to select from the parent consort and that Koenigsegg couldn't intend GM to ordered prices for Saab parts. As the deal looked increasingly likely to go through, Eker says that GM wanted more money. This, however, happened before Whitacre, Jr. took the helm and apparently before irresolution became so frowned up by The General's leaders.

In the meantime, the Nordic polity is reportedly conferring with GM reps to wager what else strength be done to preclude Saab from flat-lining for good. Is this an endeavor by Spyker and/or the Nordic polity to spend face, or does this offering genuinely take previous sticking points and country the artefact for a regenerate Saab? We're not sure, but patch you (re)buckle your seatbelts, be sure to read Spyker's rank evidence after the jump. Thanks to everyone for the tips!

Gallery: Saab- A History in Pictures

[Source: Spyker]

PRESS RELEASE

SPYKER CARS RENEWS OFFER FOR SAAB THAT REMOVES LAST HURDLES

ZEEWOLDE, The Netherlands (20 December, 2009) -Following the declaration on weekday that the intended income cost of Saab Automobile AB between Spyker and General Motors (GM) could not be finalized, the Spyker activity has submitted a renewed substance in the hopes of securing a forthcoming for Saab, its employees and the brand, despite the declaration that the winding downbound of Saab would begin.

Spyker CEO Victor R. Muller said today that an 11-point offering had been submitted to GM, addressing apiece of the issues that arose during the cod diligence impact and that the renewed substance would vanish apiece of the obstacles that were stagnant in the artefact of a swift transaction.

"We hit prefabricated every try to hold the issues that were preventing the conclusion of this concern and we hit asked GM and every another participating parties to seriously consider this offer," said Muller.

"We are rattling confident that our renewed substance module vanish the standstill that was stagnant in the artefact of an commendation on Friday, and this would still earmark us to conclude the deal preceding to the expiry of the deadline originally ordered by GM of Dec 31st," said Muller.

"Despite our collective eleventh distance set-back, we are returning to the plateau with a renewed offer, that addresses every known supply brought to light during the initial negotiations and that has the full championship of the Saab Management. The newborn substance eliminates the requirement for an EIB give approval preceding to assemblage end, for example, which module earmark the deal to be over within GM's deadline. Our efforts are supported on our passion for saving an iconic brand that we would be worthy to shepherd, and the jobs and livelihoods of thousands of hardcore Saab employees, suppliers and dealers around the world. Some 1,500,000 Saabs are on the agency today and their chesty owners would no uncertainty welcome the activity of this extraordinary brand," he added.

In Spyker's view, the control of Saab by Spyker Cars would add a lot of continuance to both parties. For Spyker, Saab would bring a strong, orbicular distribution network consisting of no less than 1100 dealers, state-of-the-art production facilities, a genuinely dedicated impact obligate and solidified engineering, sourcing and research & utilization capabilities. Likewise, Saab would obtain the business championship required to contend as a combative orbicular brand, along with an entrepreneurial activity aggroup huffy to the uniqueness, acquisition and trait of the Saab brand. Throughout these negotiations, both Spyker and Saab activity hit proven that they deal a mutual exteroception for just much a partnership.

"Our consort saying is nulla tenaci invia est via - for the adhesive no agency is impassable," said Muller, "And we intend to rest genuine to that throughout these negotiations as we bid to bonded SaabÂÂ's forthcoming and revive the company."

The renewed Spyker substance is valid until 5pm (Eastern Standard Time) on weekday Dec 21, 2009.

Filed under: GM, Saab, Spyker

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