Sirius, XM Satellite Radio extend merger agreement

By Lisa Kerner

Charlotte, N.C., Feb. 29 - XM Satellite Radio Holdings Inc. and Sirius Satellite Radio Inc. extended the termination date of their merger agreement to May 1, the companies said in a news release.

The merger remains subject to approval from the Department of Justice and the Federal Communications Commission.

Sirius shareholders and XM shareholders have already approved the transaction, it was previously reported.

On Feb. 20, 2007, Sirius and XM 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 4.6 shares of Sirius common stock for each share of XM they own.

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

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