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.

Following are key recent events at Saab:


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.


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