We continue the investigation of infinite, definably simple groups which are definable in o-minimal structures. In<italic>Definably simple groups in o-minimal structures</italic>, we showed that every such group is a semialgebraic group over a real closed field. Our main result here, stated in a model theoretic language, is that every such group is either bi-interpretable with an algebraically closed field of characteristic zero (when the group is stable) or with a real closed field (when the group is unstable). It follows that every abstract isomorphism between two unstable groups as above is a composition of a semialgebraic map with a field isomorphism. We discuss connections to theorems of Freudenthal, Borel-Tits and Weisfeiler on automorphisms of real Lie groups and simple algebraic groups over real closed fields.