SiriusXM Board Facing Lawsuits Over Potential Liberty Takeover
August 22, 2012 at 4:00 AM (PT)
The Board Of Directors of SIRIUSXM RADIO have been sued by investors who claim the board isn't doing enough to protect the satcaster from a potential takeover by LIBERTY MEDIA. BLOOMBERG reports "SIRIUS shareholders contend in a DELAWARE Chancery Court suit that SIRIUS directors have failed to erect anti-takeover defenses for the U.S.'s largest satellite broadcaster despite efforts by LIBERTY MEDIA Chairman JOHN C. MALONE to gain control of the company. Because LIBERTY owns a 48% stake of SIRIUS, MALONE is on the radio provider's board."
SIRIUS shareholders filed the DELEWARE suit.
Another suit from a FLORIDA pension fund representing the MIAMI POLICE RELIEF AND PENSION FUND is asking the directors be barred from "adopting anti-takeover provisions even if doing so would be in the best interests" of the company,