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Liberty Media proposes to assume full ownership of Sirius XM

Jan. 03, 2014 4:51 PM ETFormula One Group (FWONA) StockSIRI, FWONABy: Eric Jhonsa, SA News Editor93 Comments
  • Liberty Media (LMCA), which already owns a majority stake in Sirius XM (NASDAQ: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.

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