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.