Saab fans the world over have received one more glimmering light of hope: Spyker Cars has announced that it has indefinitely extended its eleventh-hour offer to GM for the Saab brand. Before this announcement, Spyker set the expiration time of its offer to 5:00pm on Monday, December 21 – we’re guessing in an attempt to force the deal. That, of course, came after GM set a final deadline of December 31 to conclude the sale of the Swedish brand or begin its wind-down process.
Interestingly, Spyker’s eleventh-hour offer has sent its stock soaring 23.5 percent! Thing is, Spyker isn’t a big company – it only sold 43 cars last year. Before the rise in its stock price, Spyker’s market cap was around 26 million euros. As of December 24, its market cap is slightly higher than 34 million euros – having gained a full eight million euros in under a week. If Spyker secures the deal for Saab and does the right things to turn it around, this jump in stock value can pay big dividends for the company and its shareholders in the long run.
An anonymous analyst told Reuters
The stock’s value is close to nothing but if they succeed to buy Saab, invest, and turn the company around then the shares can become valuable.
If GM doesn’t accept Spyker’s offer (and none of the other deals go through), expect The General to lose a lot of face in Europe and never sell another product in Sweden ever again, since it will be putting 3,400 workers out of jobs and shuttering 1,100 Saab dealerships. The Swedish government is said to be in crisis talks with Saab representatives right now, just in case a dooms-day scenario does unfold. But we have a hunch that someone else will swoop in to pick up Saab before GM’s deadline, as The General itself let us know that it has received offers for Saab since the time it announced plans to shut it down; and then there’s always the Mahindra rumor… Needless to say, we’ll be following this closely and let you know as things unfold.