Headlines

June 16, 2008

Sirius/XM merger imminent...

Reuters | Read Full Story >

Sirius Satellite Radio’s acquisition of rival XM Satellite Radio Holdings Inc appeared on Monday to draw closer to consummation—after some 16 months—driving the shares of Sirius up 14 percent.

Federal Communications Commission Chairman Kevin Martin has backed the deal, and the FCC staff has proposed that the agency approve the merger, according to published reports. The deal would be subject to conditions, many of which had been previously suggested by the companies.

Martin’s decision could remove the last regulatory hurdle in a lengthy and heavily criticized move to combine the companies, the Washington Post said.

Shares of Sirius climbed to $2.90 in pre-open trade on Monday, after closing at $2.54 on Friday on Nasdaq. Sirius shares closed at $3.69 on February 16, 2007, the last trading day before the deal was announced.

XM shares rose 5.7 percent to $11.49 in pre-open trading, up from Friday’s Nasdaq close of $10.87.


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#1 ray says:

Who knew about this latest wrinkle? And when?

How was it "announced"? By whom? Who did they talk to before they "announced" it?

How was it that the "pre-market" share price got such a boost?

#2 Dennis Hopper says:

I agree. If this gives you V.D. the merger will be stopped.


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