SiriusXM Canada Says It's Been Approached With Buyout Bid
February 15, 2016 at 5:49 AM (PT)
SIRIUSXM CANADA HOLDINGS, INC. responded to a report in THE GLOBE AND MAIL FRIDAY that it is considering going private by issuing a statement saying that it "has been approached on a preliminary basis regarding a potential corporate transaction. The Company has not received a binding proposal and is in early stage discussions as to the viability of such potential transaction."
The report indicated that the company is planning to take itself private in a deal that would be valued at about C$750 milion, and that U.S.-based SIRIUSXM HOLDINGS would combine its 32% interest in the Canadian entity with Canadian investors to take out the 30% interest of outstanding shares in the market at about C$4.25 per share.