XM Canada Shareholders OK Merger With Sirius Canada
February 18, 2011 at 4:10 AM (PT)
Shareholders of XM CANADA parent CANADIAN SATELLITE RADIO HOLDINGS voted to approve the company's merger with SIRIUS CANADA on THURSDAY (2/18). The deal was initially announced in NOVEMBER.
"Today's shareholder vote marks an exciting next step in our journey and represents a major milestone in the approval process. In the coming months we will continue to work with the CRTC and the Competition Bureau to obtain regulatory approval," said CSR Executive Chairman JOHN BITOVE. "The proposed merger of equals will create a leading Canadian media company and nationwide audio entertainment provider that will deliver exceptional value to shareholders and subscribers, and enhance the long-term success of satellite radio in CANADA."
SIRIUS CANADA, owned 20% by the American SIRIUSXM and 40% each by the CBC and SLAIGHT COMMUNICATIONS, will acquire 58% of CSR in the merger. Assuming regulatory confirmation, the deal is expected to close in the company's fiscal third quarter 2011.