Sirius and XM Extend Merger Agreement
May 1, 2008 12:23 PM
Washington, DC, and New York - Apr 30, 2008 - XM Satellite Radio and Sirius Satellite Radio have agreed to continue pursuing a merger. Specifically, based on the existing agreement, the two companies will not exercise their rights to terminate the Merger Agreement prior to May 15, 2008. Sirius and XM also announced that they have agreed to further extend the merger agreement, as necessary, for rolling two-week periods unless either side notifies the other of its intention not to extend.
The closing of the pending merger remains subject to the approval from the Federal Communications Commission and satisfaction of all other applicable conditions. On March 24, 2008, the U.S. Department of Justice informed Sirius and XM that it ended its investigation into the pending merger, that it has concluded that the merger is not anti-competitive, and that it will allow the transaction to proceed. Sirius and XM each obtained stockholder approval for the pending merger in November 2007.
Both companies have postponed their stockholder meetings, which were scheduled to be held in May 2008, until additional information about the pending merger can be obtained.