REPORT: Spyker stock soars on word of Saab sale reconsideration
Meanwhile, a (perhaps) unintended consequence of Spyker's eleventh hour rebid is that their stock has soared up 23.5 percent. Now, as some of you well know, Spyker isn't very big. They sold just forty-three cars last year and their market cap was just 26.6 million euros before the stock shot up. Still, if Spyker plays their cards right, this spike in value could have long term benefits, but only if they secure a deal for Saab.
Says one anonymous analyst to 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." Trouble is, GM only has until 5:00 pm EST today to sell Saab. For we're not sure why, but Spyker is making this a very limited time offer. If we had to guess, it's in order to force a deal. For its part, General Motors is "reviewing several new expressions of interest" for Saab, one of which according to Saabs United is Merbanco.
Should the Spyker deal (and all other deals) fall through, 3,400 Swedish workers will lose their jobs, and the 1,100 Saab dealerships worldwide will be forced to shutter. The Swedish government is in crisis talks with Saab officials right now should such a worst case scenario transpire. As for now, the Saab remains the same – i.e. mostly dead. One last thing, here's an interesting reflection on the demise of Saab by AB pal Jack Baruth.
[Sources: Reuters; Saabs United; Speed:Sport:Life | Image: Gabriel Bouys/AFP/Getty]
- Great used cars for less than $10,000
- Owners say these cars aren't very good deals
- New Car Buying Guides
- Cheapest new automobiles in America
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models