XM and Sirius Tie the Knot
Posted on Mon 19th Feb, 2007 08:11:13 PM
Yup, you heard right, XM Satelite Radio (XMSR) and Sirius (SIRI) have officially announced their plans to merge together.
From Yahoo Finance,
“The XM shareholders will receive 4.6 shares of Sirius stock for every share they own, valuing them at $17.02 each based on Friday’s closing price for Sirius shares. That gives XM shareholders a premium of 22 percent to the $13.98 closing value of their stock on Friday. Markets were closed Monday for the Presidents’ Day holiday.”
XM shares closed at $13.98 on Friday, and Sirius shares closed at $3.70. Some people may speculate that such a deal would not be allowed, but both companies are optomistic about gaining approval from regulators. Read the article for more details on how everything may turn out.
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