Sirius stockholders to vote on XM merger at Nov. 13 meeting

By Jennifer Chiou

New York, Oct. 4 - Sirius Satellite Radio Inc. said it will hold a special meeting of its stockholders at 9 a.m. ET on Nov. 13 in New York to vote on the proposed merger with XM Satellite Radio Holdings Inc.

On Feb. 20, the companies entered into a definitive agreement to combine in a tax-free, all-stock merger of equals valued at an estimated $13 billion, including net debt of about $1.6 billion.

XM shareholders will receive a fixed exchange ratio of 4.6 shares of Sirius common stock for each share of XM they own.

The companies will operate independently until the transaction is completed, which is expected to occur by the end of the year.

Sirius is a New York-based satellite radio service. XM is a satellite radio services company located in Washington, D.C.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.