Merbanco submit (another) revised bid to purchase Saab from GM
January 13, 2010 in News
The circus continues….
It seems GM are still seeing what they can squeeze out of bidders as I’ve just learned that the personnel at Merbanco have met today and put together a revised offer for Saab, based on the changed wishes of the seller.
A note from Christopher Johnston, the CEO of Merbanco:
We have been at this for 9 months now and have had the time to well understand the Saab business plan and organization. Even with these months, we still have a lot to learn. We were asked today to modify our proposal based upon material changes and we were pleased to do so. We hope this final effort will make the difference and get the deal done. Time is of the essence and Saab needs a qualified new owner as soon as possible.
What worries me is this need – at this late hour – to submit changed bids “based on material changes”.
Saab have a liquidator appointed (at GM’s request). He’s effectively setting fire to an asset that’s up for sale. Every day they stall and wait the flames will lick a little higher.
GM: Sell Saab!!!
And of course, thanks to CJ for this message, and for Merbanco’s continued interest in Saab Automobile.