Saab owner Swedish Automobile has turned down a takeover offer for Saab from China's Zhejiang Youngman Lotus Automobile Co and Pang Da Automobile Trade Co.
Youngman and Pang Da signed a non-binding memorandum of understanding in July to take a combined 53.9 percent stake in Swedish Automobile for 245 million euros.
On Friday, Swedish Automobile said the Chinese companies had made an offer for a direct purchase of shares in Saab. Youngman and Pang Da say circumstances have changed since the July agreement was signed.
Swedish Automobile said it had declined the offer and asked Pang Da and Youngman to confirm that they are willing to fulfill the agreements that are signed. "That confirmation has not been received to date. Further discussions are ongoing," it said in a statement.
Swedish Automobile CEO Victor Muller said: "The token offer was unacceptable because it would trigger every conceivable change of control clause and that would possibly mean the end of Saab." Muller would not disclose the value of the offer.
"There is always a plan B," Muller said, when asked what he would do if the Chinese companies walked away. Asked what the plan was, he said he would reveal it "only if we resort to it."
Pang Qinghua, chairman of Pang Da, told Bloomberg News on Friday: "Any plan is possible during the process of reorganization. It's possible for new proposals popping up during the process."
Hu Ming, a spokesman for Youngman, declined to comment.
"If the Chinese are not prepared to pay a reasonable value for it, the shareholders and creditors are better to let it wind up," said Howard Wheeldon, a senior strategist at Bgc Partners in London. "So much damage has been made to the brand anyway these last six months, and it wasn't doing well before it imploded. The end is now definitely nigh."