Last-Ditch Bid to Save Rolls-Royce from Foreign Ownership

Strategic Insights -

A consortium of Rolls-Royce and Bentley enthusiasts, led by Michael Shrimpton, is launching an eleventh-hour bid to keep the car manufacturer under British ownership. With just four days left before shareholders decide the fate of Rolls-Royce Motor Cars, the group is prepared to outbid Volkswagen's offer of $430 million, which has outpaced a rival bid from BMW. The British consortium, Crewe Motors, claims to have enough financial backing from customers around the world, particularly in North America, to trump the German car maker's $340 million offer.

Key Takeaways:

  • A consortium of Rolls-Royce and Bentley enthusiasts, led by Michael Shrimpton, is making a last-ditch effort to save the car manufacturer from foreign ownership.
  • The group, known as Crewe Motors, is prepared to outbid Volkswagen's offer of $430 million, which has taken the lead over a rival bid from BMW.
  • Crewe Motors claims to have enough financial backing from customers around the world, particularly in North America, to support its bid.
  • Michael Shrimpton, a barrister, has stated that the consortium's money is coming from customers who buy the car and that there is significant backing from across the world.
  • Shrimpton has confirmed that he has spoken with BMW, which has stated that it will not increase its $340 million offer due to financial constraints and shareholder disapproval.
  • The idea for the bid came after a dinner at the Rolls-Royce Enthusiasts Club last November, where Shrimpton was inspired to take action after learning that the company might be sold abroad.
  • Crewe Motors is confident that it can match Volkswagen's investment program of approximately $310 million.

Statistics:

  • Volkswagen's offer: $430 million
  • BMW's offer: $340 million
  • Volkswagen's expected investment program: approximately $310 million
  • Michael Shrimpton: 41 years old, a barrister since 1983
  • Rolls-Royce factory location: Crewe, UK

Sources:

  • "Last-ditch bid to save Rolls-Royce from foreign ownership" by Jeff Newton A Consortium of Rolls-Royce and Bentley enthusiasts is preparing to make an eleventh hour attempt to keep the car company under British ownership.