Judge Rules Against SiriusXM Shareholders Trying To Prevent Takeover
August 23, 2012 at 3:55 AM (PT)
SIRIUSXM shareholders have lost in their attempt to stop LIBERTY MEDIA officials from seeking to acquire a controlling stake in the satcaster after a judge denied their request to block further purchases of SIRIUS shares.
YESTERDAY (NET NEWS 8/22), ALL ACCESS reported SIRIUS shareholders contended 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.
BLOOMBERG reports, "DELAWARE Chancery Court Judge LEO STRINE refused to bar LIBERTY MEDIA Chairman JOHN C. MALONE from adding to his 48% SIRIUS stake despite shareholders' concerns that the billionaire had started what they called in court papers a 'creeping takeover' of the U.S.'s largest satellite broadcaster."