Bids Sought For Britishvolt At Last Minute - Texas Today
There is hope that a last-minute bid will save Britishvolt, a company that wants to build a factory to make batteries for electric cars. People who know about the situation said that “a British consortium” might be the new bidder. The manufacturer is having money problems and has called a meeting for Monday afternoon with all its employees. Shareholders have been voting on who should take over the project to build a £4 billion battery plant in Northumberland. In the Port of Blyth, there were already two bids for the project. One was from an investment group with ties to Indonesia with a dormant subsidiary in the UK and no experience making things. The other came from a small group of existing investors who didn’t want to see the value of their shares completely wiped out. People think it would cost about £30 million to buy out a company. If none of the bidders can get 75% of the shareholders to back them, the company will run out of money and go bankrupt. This was almost what happened ...