Once Again: XM And Sirius Extend Deal Deadline Two More Weeks While Waiting On FCC
How naive I was: Back in February I wrote that by extending the deadline for their merger agreement to May 1, XM (NSDQ: XMSR) and Sirius (NSDQ: SIRI) should be giving themselves enough time to get FCC approval. Nope. May 1 is tomorrow and there’s still no word from the agency, so they’re extending again. Interestingly, this time they’re only pushing the deadline back by two weeks, until May 15, so some verdict really should be coming soon. Note that the companies did win DOJ approval back in March. Release.
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Apr 30, 2008 2:14 PM ET
Posted In: Media & Publishing, TV, Satellite, Money, M&A & Venture Capital, Mergers & Acquisitions, sirius, xm
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Comments (1)
May 1, 2008 8:38 AM
Interesting that the ratio of the two stocks remained stable at 4.35 (xmsr/siri) while both stocks plunged together on disappointment at the rolling “evergreen” extension every two weeks—giving no confidence on timing even though not reducing the belief that the merger will ultimately occur. Probably confidential discussions are continuing on required FCC terms and conditions.