XM shareholders to vote 13 November on Sirius deal

[BGonaSTICK]

Shareholders of XM Satellite Radio will vote 13 November on the proposed merger with Sirius Satellite Radio, Sirius said yesterday. In a preliminary proxy statement filed with the US Securities and Exchange Commission, Sirius said it will hold a shareholder meeting on the same day in New York for a vote on the issue of shares needed to complete the deal.

XM and Sirius announced the deal in February. XM shareholders are to receive 4.6 shares of Sirius common stock for each share of XM. The deal, which has drawn objections from traditional terrestrial radio companies, still needs regulatory approval.

Once the deal is completed, former XM holders will own about 49.7 percent of the outstanding Sirius common stock, and XM will become a wholly-owned subsidiary of Sirius. Mel Karmazin, Sirius Chief Executive, will lead the combined company as CEO, while Gary Parsons, chairman of XM, will hold the same position in the new company.

Source: Media Network Weblog