XM Shareholders Approve Sirius Merger
Now they just have to get this deal past the feds.
XM and Sirius' proposed merger received near-unanimous support from shareholders, as the two companies announced they had cleared the next hurdle in becoming a single entity.
According to tabulations by XM, 99.8 percent of shareholders voted in favor of the transaction. The merger agreement calls for each XM shareholder to receive 4.6 Sirius shares for each share they own.
The news was music to Wall Street's ears. XM skyrocketed nearly 10 percent to close at $15.06, while Sirius rose 6.5 percent to close at $3.63. Both stocks looked poised to add onto those gains come Wednesday.
XM and Sirius' proposed merger received near-unanimous support from shareholders, as the two companies announced they had cleared the next hurdle in becoming a single entity.
According to tabulations by XM, 99.8 percent of shareholders voted in favor of the transaction. The merger agreement calls for each XM shareholder to receive 4.6 Sirius shares for each share they own.
The news was music to Wall Street's ears. XM skyrocketed nearly 10 percent to close at $15.06, while Sirius rose 6.5 percent to close at $3.63. Both stocks looked poised to add onto those gains come Wednesday.
Although they still have some hurdles, both the Justice Dept. and the FCC seem ready to approve this merger, as well. So it looks like this deal will eventually be finalized.
