XM And Sirius Extend Merger Deadline By 2 Months
February 29, 2008 at 12:50 PM (PT)
XM SATELLITE RADIO HOLDINGS INC and SIRIUS SATELLITE RADIO INC have extended by two months a deadline to potentially terminate without penalty SIRIUS's year-old proposed acquisition of its bigger rival.
Under the original terms of their deal, first announced in FEBRUARY 2007, the companies could have walked away after MARCH 1st if they did not receive regulatory approval.
U.S. regulators, including the FCC and DEPARTMENT OF JUSTICE, have yet to decide whether to approve the merger. Both companies said this week that they are optimistic both agencies will approve the deal.