More reports on: M&A, Cars
Spyker makes new improved offer for Saab news
21 December 2009

Spyker, the Netherlands-based sport car specialist has come with a fresh proposal to acquire the Saab brand from General Motors (GM) after the collapsed talks on Friday. (See: GM to close Saab as talks with Spyker collapse)

Spyker CEO Victor Muller said yesterday that an 11-point proposal had been submitted to GM, addressing each of the issues that arose during the due diligence process and 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, he added.

Despite the 11th hour set-back, Spyker said that it is 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.

Spyker said that the new offer eliminates the need for the 400-million funding commitment from the European Investment Bank (EIB), which was to be guaranteed by the Swedish government in order to allow the deal to be concluded within GM's deadline.





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Spyker makes new improved offer for Saab