- Liberty Media (LMCA), which already owns a majority stake in Sirius XM (SIRI), is proposing to make Sirius a 100%-owned subsidiary through an all-stock deal. (PR)
- Liberty proposes to have each Sirius converted into a 0.076 new Liberty Series C shares, and then distribute, on a 2:1 basis, Series C shares to all holders of Liberty's Series A and B shares.
- The exchange ratio values Sirius at $3.68/share based on Liberty's Friday close; that's an $0.11, or 3%, premium to Sirius' closing price of $3.57.
- Sirius' public shareholders would own 39% of the new company, which (based on current prices) stands to have a market cap of $27B.
- Sirius shares are halted. CC at 5PM ET.
From other sites
at Zacks.com (Feb 27, 2015)
at MarketWatch.com (Feb 25, 2015)
at Benzinga.com (Feb 25, 2015)
at CNBC.com (Dec 30, 2014)
at MarketWatch.com (Dec 29, 2014)
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