Just a day after announcing that their plan to sell the HUMMER brand to a Chinese company fell through, GM is reviewing two additional offers from the original pool of suitors.
The Wall Street Journal is quoting sources familiar with the matter as saying the two latest suitors have previously submitted offers, but had originally been turned down in favor of what appeared to be a more favorable deal with Tengzhong.
While HUMMER may be evaluating whether either company is viable, it’s understandable that GM would settle for far less money than it had originally hoped for – even with Tengzhong – which was around $150 million in cash and a long-term viability plan w/ guaranteed investment. Also, GM isn’t going to spend another year in negotiations with a new company.
HUMMER spokesperson Nick Richards told Yahoo Autos that they would entertain any new bids that came in for the brand. “In the early phases of the wind-down, we’ll entertain offers and determine their viability, but that will have to happen in pretty short order,” said Richards.
WHAT…for the LOVE OF ALL THE IS F’N HOLY I have to go through another F’n YEAR of Meoof, Jack “negotiating”!!!
…..but on the other hand I am stocked about the new opportunity.
Just let it die already.
If you dont support the brand then I think you should get off this site, last time I checked its for supporters!!!!
Today is a new day.
Long Live HUMMER!!!
This is just getting good…
I am keeping my fingers crossed.
X2 David and Frank.
I am 100% sure we will soon be reading in the news headlines that HUMMER has been successfully SOLD!!!
The HUMMER brand in fact could already be sold right now!!! These deals happen “very fast” especially considering the huge savings the buyer is going to receive on his purchase of the HUMMER brand, only pennies on the dollar!!! If it was any cheaper it would be FREE!!!
In the meantime, let’s spread some positive messages on the online forums about HUMMER as many commenters are talking like HUMMER is out of business whereas in fact NEW models will continue being developed the second the HUMMER sale is finalized which will be very soon now!!!
I would not be making this post if I didn’t know this to be so and yes I’m a first time poster, long time reader and a two time H2 owner and current owner of a H2 SUT like nothing else!!!
By all of us working together we can save HUMMER by being involved, if we all just sit back and do nothing that is not the right course of action. By being actively involved in this sale we can assure GM and the new owners of the HUMMER brand both come out of this deal for the better!!!
2003 H2 SUV Green – Sold
2006 H2 SUT Black – Current
Hopefully the two companies are American. When will we know more about this. I either want them to hurry with this or just call it a day. I can’t stand waiting anymore.
I thought one of the original buyers that bid was Russian? Am I right or wrong?
I thought so. Russia would be better than China atleast.
Russia would be better than China? Have you seen the Volga? It really needs to be a US firm.
Hey Bone, Of course I want US firm. I was just stating that if it came down to it, i’d prefer Russia over China anyday. Have you seen the Prius? LOL!
Please keep us posted Brian.
…any chance to get an update before the EOD Friday?
Russian all the way before any other country (other than the US)! Or wait, I change my mind… how about Norway? Viking-themed? Ooooooooh! 🙂
$160M is really not that much money… and it seems that Hummer will settle npw for $100M.
If 10K hummer fans can pitch $10K each, they can buy Hummer for $100M.
Who wouldn’t want to own part of Hummer ?
Should we start a group or a petition about this?
@California Prince last I heard the price was $150 million, however now that the deal to China fell through, I think any price would be a good price simply to save money from having to close down the brand.
I agree, $100 million would be a fantastic amount of money to receive, however even if it was far less like $10 million that would be better than not selling HUMMER at all.
To know the real scope of the sale price, we’d need to know how much money is required not just for the sale, but new vehicles and any other expenses. However a group joining together to save HUMMER is certainly an interesting idea, perhaps Brian could get us all the costs involved to do this. I’m sure investors would receive a huge return, possibly a 1,000% return on money invested by 2014. I’m interested to learn more for sure!!!
I’d love to own HUMMER too, that’s for sure!!!
Yes, I think we should have Brian start a group or a petition to get the ball rolling as anything is better than doing nothing!!! Like we always say up here in Canada, “whatever it takes, just get it done!!!” I can’t stand the thought of not seeing new 2011 HUMMERs so I look forward to finding out how I can help. I really have my heart set on a 2011 yellow special edition H2 or even a black special edition since black is a popular color and will likely make us more money than yellow, so let’s get busy on this!!!
WOW… 2011 yellow special edition H2 IS EXACTLY WHAT I’M AIMING FOR !
Some of the places where we can start:
However, we should backup everything by a solid investment plan or business plan, not just blah blah…
I quite agree that investors would receive a huge return on money invested in the following year, for me, just the prestige of being a co-owner of Hummer brand is enough 🙂
@Brian; please look into this and tell us what we can do to help…
@Other silent readers: Don’t hesitate to put it your two cents in 🙂
@California Prince you should always start conversations in the newest thread, as many times folks never return to the older threads to read them again.
I agree that the 2011 yellow Special Edition HUMMER H2 is a vehicle I’d buy in a heartbeat for sure!!!
In regards to the following:
I agree a petition to save HUMMER would be nice, let’s hope Brian sets that up for us unless somebody else has already made an online petition to save HUMMER, then we should go and sign it now once the link is posted here for us to click on that is.
There is no business plan available for us readers to buy the HUMMER brand at this time because we don’t know what the costs are. However if Brian would get that info for us and then if we had some people here who would make a commitment, then perhaps we’d have a business plan in order to buy the HUMMER brand for our own selves.
Yes, investors will make a fortune for sure, I’d love to see the costs involved and work out some numbers indeed.
Well the prestige of being a co owner of the HUMMER brand is certainly great in and of its self we must remember we are in business to make money, thus the most important thing is how much money we will make as owners, which I believe would be a lot!!!
I’m not sure if Brian is going to do much more besides post to his blog, I’d like to see him run a petition, setup a social network, and more, buy maybe he doesn’t want to, hard to say, I can’t speak for him. ❓
I HAVE OWNED THREE H-2s and would buy another if they came out with 2010 s was very happy the vehicles