TIMELINE-Spyker’s buyout of Saab from GM

Feb 12 (BestGrowthStock) – Dutch sportscar maker Spyker (SPYKR.AS: )
shareholders approved the $400 million purchase of struggling
Swedish carmaker Saab on Friday, taking it one step closer to
completing its audacious buyout of the struggling automaker.
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Following are key recent events at Saab:

2009

Jan. 11 – GM says it has been in talks to sell Saab.

Jan. 12 – Sweden says it will not take a stake in Saab or
give more aid.

Feb. 23 – Sweden says it can guarantee a European Investment
Bank loan to Saab if a new owner emerges that can cover half the
necessary financing.

Aug. 18 – Swedish sports carmaker Koenigsegg agrees terms
with GM on a deal to buy Saab.

Sept. 9 – Chinese state-run company Beijing Automotive
Industry Holdings (BAIC) inks deal to take a minority stake in
Koenigsegg as part of deal to buy Saab.

Nov. 24 – Koenigsegg says it has pulled out of talks.

Nov. 25 – BAIC says it is reviewing its options.

Dec. 1 – GM’s board says it will consider offers for the
brand until the end of December and will then decide whether to
close it.

Dec. 2 – Spyker says it is talking to GM about buing Saab.

Dec. 14 – BAIC says it has acquired some Saab assets,
including intellectual property for the 9-5 and 9-3 model
platforms and some production equipment.

Dec. 18 – GM says it will start an orderly wind-down of
Saab, saying the Spyker deal could not be completed in
reasonable time.

Dec. 20 – Spyker submits a new, fast-track bid for Saab and
GM says it will evaluate several new expressions of interest.

Dec. 30 – GM extends a Dec. 31 deadline for bids for Saab,
which will restart production lines in January after a shutdown,
Saab says. Spyker CEO Victor Muller says GM has extended the
deadline for a final offer from the Dutch carmaker until Jan. 7.

2010

Jan. 4 – Spyker says it will submit a final bid for Saab
assets before a 2200 GMT deadline.

Jan. 7 – A Swedish newspaper reports two Swedish groups are
likely to make last-minute bids for the GM unit.

Jan. 8 – Spyker submits an improved bid. GM names a
restructuring firm to manage Saab’s wind-down.

Jan. 12 – GM CEO Ed Whitacre tells journalists at the
Detroit Auto Show: “We’re closing down Saab”.

Jan. 26 – Spyker clinches a last-minute deal to buy Saab for
$400 million, $74 million in cash, the rest in deferred shares.

Feb. 8 – Saab wins EU regulatory approval for a state
guarantee of a 400 million euro ($546 million) European
Investment Bank loan.

Feb. 12 – Spyker shareholders approve deal.

(Sources: Reuters/ www.saabusa.com)

Stock Market Money

(Writing by David Cutler, London Editorial reference Unit, and
Helen Massy-Beresford; Editing by David Holmes)

TIMELINE-Spyker’s buyout of Saab from GM