Project Kimber, one of the consortia bidding for the remaining assets of MG Rover, has today released further details of its offer. The initial bid, announced yesterday by Autocar.co.uk, aimed to acquire both the MG brand and the assets of Powertrain Ltd, leaving the Rover brand to other bidders.
However, following encouragement from its investors after it became apparent that none of its competitors could fund this conditional bid, the Kimber consortium has revised its offer. It has now offered £25 million to PricewaterhouseCoopers, the joint administrators of MG Rover Group Ltd and Powertrain Ltd, for the entirety of their assets.
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