Another Proxy Firm Recommends XM/Sirius Merger
November 2, 2007 at 9:14 AM (PT)
XM and SIRIUS announced that ISS, an independent proxy advisory service, has recommended that SIRIUS and XM stockholders vote "FOR" the companies' merger proposals.
According to the ISS analysis, "From a strategic viewpoint, it appears that combination would allow shareholders of both companies to participate in the expected benefits of a larger entity. Our review of WALL STREET research reports suggest that operational and cost savings would yield estimated synergies of approximately $6 billion."
ISS added, "If regulatory approval is obtained, the combined company would be able to compete against a broader media market that includes high-definition radio, Internet-based radio, free radio and digital media devices such as APPLE INC. iPODS."
SIRIUS will hold a special meeting of stockholders on TUESDAY, NOVEMBER 13th, at 9a in NEW YORK. XM will hold a special meeting of stockholders on NOVEMBER 13th at 3p. in WASHINGTON, D.C. The purpose of these meetings is for stockholders to consider and vote on proposals in connection with the pending merger between XM and SIRIUS.