Proxy Firm Advises Shareholders To OK XM-Sirius Merger
October 31, 2007 at 5:40 AM (PT)
Proxy advisory firm GLASS, LEWIS AND CO. is recommending that shareholders of SIRIUS SATELLITE RADIO and XM SATELLITE RADIO vote in favor of the merger of the two companies. The firm's analysis says that the deal is "fairly priced and will yield substantial cost synergies for shareholders of both companies."
Shareholders will vote on NOVEMBER 13th on the merger, with XM shareholders voting directly on the merger and SIRIUS shareholders deciding on stock issuance and other matters that will enable the merger. FCC and JUSTICE DEPT. approval is still required for the deal to close.